Recently we've heard from many U.S. media outlets that drill-baby-drill is the answer to our oil woes, and we've heard from Rick Santorum and Newt Gingrich an echo of this point of view.
Maybe it takes a non-U.S. media outlet---Al Jazeera---to do an in-depth investigation, then: Oil: In perpetuity no more:
Oil touches nearly every single aspect of the lives of those in the industrialised world. Most of our food, clothing, electronics, hygiene products and transportation simply would not exist without this resource.
There is a reason why oil giants such as ExxonMobile, BP, Total and Royal Dutch Shell, year in and year out, generate more profit than most other companies on the planet.
Our current global economy is based on continual growth, and that growth depends on cheap energy.
"Fossil fuels are roughly 84 per cent of what we use, and oil is 35 per cent of the world's primary consumption energy," says David Hughes, a geoscientist who studied Canada's energy resources for nearly four decades.
Given that oil plays such a critical role in the world's economy, one would deduce it would be important to know how much is left. Otherwise, the world's stock markets would be exposed to fossil fuels, which would pose a grave risk to investors facing down a so-called carbon bubble, which could potentially dwarf the housing bubble and current debt crisis.
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