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Politics : Peak Oil reality or Myth, of an out of Control System

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From: dvdw©	4/17/2015 10:39:43 AM
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The Mysterious Explosion In U.S. Oil Reserves 63 CommentsThu, Apr 16 2015 00:00:00 EA12_ISSUES 04/15/2015 06:41 PM ET Email Print Reprints Comment [iframe name="f3723a0923bac9e" width="90" height="1000" title="fb:like Facebook Social Plugin" src="http://www.facebook.com/plugins/like.php?app_id=154916351273272&channel=http%3A%2F%2Fstatic.ak.facebook.com%2Fconnect%2Fxd_arbiter%2FKvoNGODIqPG.js%3Fversion%3D41%23cb%3Df2c14944334ed9c%26domain%3Dnews.investors.com%26origin%3Dhttp%253A%252F%252Fnews.investors.com%252Ff21683cfc83b2dc%26relation%3Dparent.parent&container_width=0&href=http%3A%2F%2Fnews.investors.com%2Fibd-editorials%2F041515-748030-oil-production-and-reserves-are-both-accelerating.htm&layout=button_count&locale=en_US&ref=top&sdk=joey&send=false&show_faces=false&width=90" frameborder="0" scrolling="no" allowfullscreen="true" style="border: currentColor; width: 80px; height: 20px; visibility: visible; border-image: none;" allowtransparency="true"][/iframe][iframe title="Twitter Tweet Button" class="twitter-share-button twitter-tweet-button twitter-share-button twitter-count-horizontal" id="twitter-widget-0" src="http://platform.twitter.com/widgets/tweet_button.20ed5cfd7315475c9d1d523194b1645f.en.html#_=1429281422564&count=horizontal&dnt=false&hashtags=IBDEditorials&id=twitter-widget-0&lang=en&original_referer=http%3A%2F%2Fnews.investors.com%2Fibd-editorials%2F041515-748030-oil-production-and-reserves-are-both-accelerating.htm&size=m&text=The%20Mysterious%20Explosion%20In%20U.S.%20Oil%20Reserves&url=http%3A%2F%2Fnews.investors.com%2Fibd-editorials%2F041515-748030-oil-production-and-reserves-are-both-accelerating.htm&via=IBDinvestors%20" frameborder="0" scrolling="no" style="width: 107px; height: 20px;" allowtransparency="true" data-twttr-rendered="true"][/iframe] inShare [iframe name="I0_1429281421635" width="100%" tabindex="0" title="+1" id="I0_1429281421635" src="https://apis.google.com/se/0/_/+1/fastbutton?usegapi=1&annotation=none&size=medium&origin=http%3A%2F%2Fnews.investors.com&url=http%3A%2F%2Fnews.investors.com%2Fibd-editorials%2F041515-748030-oil-production-and-reserves-are-both-accelerating.htm&gsrc=3p&jsh=m%3B%2F_%2Fscs%2Fapps-static%2F_%2Fjs%2Fk%3Doz.gapi.en_US.mUulYp9z2Go.O%2Fm%3D__features__%2Fam%3DIQ%2Frt%3Dj%2Fd%3D1%2Ft%3Dzcms%2Frs%3DAGLTcCNeRf5Yrgphk6Qrn0wLfNtH8L0z6w#_methods=onPlusOne%2C_ready%2C_close%2C_open%2C_resizeMe%2C_renderstart%2Concircled%2Cdrefresh%2Cerefresh&id=I0_1429281421635&parent=http%3A%2F%2Fnews.investors.com&pfname=&rpctoken=29614815" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" vspace="0" hspace="0" style="margin: 0px; left: 0px; top: 0px; width: 32px; height: 20px; visibility: visible; position: static;" data-gapiattached="true"][/iframe] Energy: Since 2008, domestic oil and gas production has exploded, and so have the nation's oil and gas reserves. How is that even possible? Weren't we supposed to be running out of oil and gas 40 years ago? Back in April 1977, President Carter issued a warning to the country. "We are now running out of gas and oil," and unless things change, there were only enough oil reserves to last until about 1990. Four decades later, President Obama made the same claim, telling the country, "We cannot sustain a future powered by a fuel that is rapidly disappearing." Obama, like Carter, used proved oil reserves to paint this gloomy picture. The U.S., Obama said, has only 2% of the world's oil reserves but consumes a fifth of the world's oil. Up until about 2008, it sure looked like we were running out of domestic supplies of oil. U.S. oil reserves dropped 52% between 1970 and 2008. Over those same years, domestic oil production fell about 47%. Both facts prompted a lot of talk about "peak oil" and how $2-per-gallon gasoline was a thing of the past. Read More At Investor's Business Daily: http://news.investors.com/ibd-editorials/041515-748030-oil-production-and-reserves-are-both-accelerating.htm#ixzz3XZrnXByc Follow us: @IBDinvestors on Twitter \| InvestorsBusinessDaily on Facebook

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