So, while cruising around the Internet, I found optimism in a Financial Post column by Lawrence Solomon from July 12, 2008. It’s titled “Abundant energy will power future growth.”
Solomon puts the supply of energy resources in proper perspective, and at least on this point, there is nothing to be down about. This is a MUST read.
Solomon noted, for example:
Never before in human history has energy been accessible in greater abundance and in more regions, never before has mankind had more energy options and faced a brighter energy future.
Take oil, the scarcest of the major energy commodities. In the Americas, proven oil reserves have increased from 170 billion barrels to 180 billion barrels over the last two decades, according to the 2008 Statistical World Review from British Petroleum. In Europe and Eurasia, proven oil reserves almost doubled, from 76 billion barrels to 144. Africa's proven oil reserves did double, from 58 billion barrels to 117. Even the Asia Pacific region, where China and India are reputed to be sucking up everything in sight, has increased its proven reserves. And the Middle East, the gas tank of the world, shows no sign of slowing down -- its reserves soared by almost 200 billion barrels, from a whopping 567 billion barrels to a super-whopping 756…
Most of the oil we know about lies in the well travelled portions of the globe. But most of the world remains unexplored -- the interiors of Africa, Asia and South America have seen relatively little oil exploration. Oil exploration in the oceans, too, is in its infancy. For all practical purposes, mankind has limitless oil supplies available to it. The story is similar for natural gas and coal, the other major nonrenewable sources of energy.
Thanks, Lawrence, I needed that.
Raymond J. Keating
Chief Economist
Small Business & Entrepreneurship Council
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