TITLE

Paying for Oil Security

AUTHOR(S)
Renshaw, Edward
PUB. DATE
November 1990
SOURCE
Challenge (05775132);Nov/Dec90, Vol. 33 Issue 6, p11
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article stresses that the U.S. cannot afford to continue its current rate of oil consumption. In 1989 the U.S. Department of Interior lowered its estimate of the undiscovered conventional oil resources that might eventually he added to U.S. petroleum reserves by more than 40 percent. In 1981, the estimate was 83 billion barrels. By 1989, it had dropped to only 49.4 billion barrels. If this oil and all of the measured, indicated, and inferred reserves estimated to have existed at the end of 1989 could be produced at the production rate for that year, then all of the conventional oil re sources in the U.S. and its adjacent coastal waters could be used up in less than thirty-three years. Energy conservation measures, the substitution of coal and other types of energy for oil, and increases in crude oil production in non-Oraganization of Petroleum Exporting Countries (OPEC) countries reduced the demand of OPEC oil by about 47 percent from 1977 to 1985 and helped to set the stage for a dramatic collapse of oil prices.
ACCESSION #
9101282453

 

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