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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (393122)	6/20/2008 5:21:48 PM
From: J_F_Shepard	Read Replies (1) \| Respond to of 1577988

re:"Having said that, drilling was limited by the price of crude." en.wikipedia.org " The production peak in 1970 came as a complete surprise to the U.S. government and oil companies, and despite their best efforts, the production decline was irreversible, except during the embargo of the late-70's. U.S. oil production never reached the peak of 1970 again but has outstripped Hubbert's projections consistently since the US Peak. Oil companies have drilled large numbers of oil wells but did not find enough oil to slow the decline, on a nationwide scale. Production declines have been reversed in natural gas in the United States as well as smaller areas, or countrywide areas the size of Venezuela. By 1972 all import quotas and controls on U.S. domestic production had been removed. Despite this, and despite the quadrupling of prices during the 1973 oil crisis, Texas oil production peaked sharply in 1973 and has been declining ever since. It now is less than 1/3 of the level it was at its peak."