In Oil Crunch, to Drill or Not to Drill?
All over the world, more people are buying cars and using gas as growth in the global economy increases the demand for fuel. Likewise, oil supplies are projected to get tighter and tighter.
“China was at 5 million barrels a day in 2005. Today, they are at 10 (million). By 2015, they are going to be at 15-million-barrels-a-day demand,” said John Hofmeister, former president of Shell Oil and founder of Citizens for Affordable Energy. “That’s 10 million new barrels over 10 years. India is going from 4 to 7 (million) in the next three to four years.”
President Obama recognizes the coming explosion in demand.
“China and India, they’re growing. China added 10 million cars in 2010 — 10 million cars just in this one country,” Obama said last week. “And they’re just going to keep on going, which means they’re going to use more and more oil.”
The president, however, argues that more drilling is not the way to protect the U.S. Instead, he wants to wean the U.S. off oil by turning to alternatives, such as electric cars.