From Motley Fool:
Chicken Little here, reporting for duty. As we reach the final days of August, with the Congress doing whatever Congresspeople do during their recesses (perhaps we're better off not knowing), I'm flapping around wondering about the near-total contradiction between the world of energy as I see it and the parts of the 2007 energy bills now gathering dust on Senators' and Representatives' desks.
The real world of energy today involves a daunting decline in production from oil fields across the world. Companies like ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), BP (NYSE: BP), and oilfield service companies such as Schlumberger (NYSE: SLB) and Halliburton (NYSE: HAL), must range ever wider in their search for new hydrocarbon reserves. And all too often, once they locate those reserves, they must contend with governments that are hostile, four-flushing, or both.
Those conditions are overshadowed by our need to move from 85 million barrels a day of worldwide production today to an expected demand level of about 120 million barrels daily, all in just the next couple of decades. Given the factors mentioned above, and the "normal production declines" reported by all the integrated companies last quarter, it seems to Mr. Little here that 120 million barrels a day is little more than a pipe dream....MORE