Oil Gap: NPC's Energy Game Plan
By EV World
The National Press Club in Washington, D.C. has hosted many momentous events over the decades, but perhaps none as crucial as the one today organized by the National Petroleum Council. At the behest of U.S. Energy Secretary Samuel Bodman, the NPC, under the guidance of former Exxon chairman Lee Raymond, undertook a comprehensive study of the future of oil and gas and came away with a sobering assessment: the days of cheap, easy crude are over. Oil and gas are going to be harder to get to for geological and geopolitical reasons; and that means its going to cost more, period.
Not only is the global demand for conventional oil and gas going to outstrip production in the decades ahead -- the NPC projected their research out to 2030 -- but the only way America, and the rest of the world, is going to avert economically-disastrous shortages is to exploit every other feasible resource we can and we need to start now.
If this sounds a lot like the Hirsch Report and similar research efforts funded by various governments from Denmark to the UK to USA, it should. They all pretty much reach the same conclusions: at some point in the not very distant future (and some think we're already there) the production of oil and gas will peak (it already has in at least 27 out of 51 oil producing nations).
In addition to discussing the "Hard Truths" (the audio to follow), the panel discussed "Five Core Strategies" for dealing with the approaching shortages; steps that include the following:
- Moderating demand through greater efficiency
- Expansion and diversification of energy supplies
- Strengthening global and U.S. energy security
- Reinforcing the capabilities to meet the new challenges
- Addressing carbon constraints
"All of these are essential," said Alan Kelly. "There is no easy solution to the multiple challenges we face."
You can listen to the panel's amplification of these five core strategies using either of the two MP3 players above or by downloading them to your computer for playback on your favorite MP3 device. Additional segments of the National Petroleum Council press conference will be available shortly.