Oil Supplies

Half the oil in the Persian Gulf has been pumped out of the ground - so has 'peak oil' been reached? Notably, that term doesn't even appear in the article. Instead, it discusses the difference between light and heavy oil, and the role of technology

'Peak oil' refers to a belief that growing oil demand will outstrip finite oil supplies. Peak U.S. oil consumption is premised on the belief that 2007 marked the peak, population increase notwithstanding, due to efficiency, biofuels and batteries.

$147 per barrel oil prices set off a frenzy of new domestic oil drilling that has all but ceased with $46 per barrel. The drop in natural gas drilling has been even more pronounced. When demand returns, domestic oil and gas supplies will likely not.

In his first foreign trip, President Obama will meet with Canadian PM Harper to discuss, amongst other topics, the environmental impact of mining Alberta's oil sands.