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Has the U.S. Oil Supply Peaked?

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  • Description

    FBN’s commodity experts debate whether the U.S. oil supply can meet demand.

  • Duration 4:19
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You may not know it but we've been very lucky in America we have cheap fuel -- power fleet of cars trucks and rails but some say oil flow is sputtering out.

Is our oil supply really -- joining us now is chairman and founder -- Hollander of a group called our energy policy foundation.

Executive director of the gasoline and automotive service dealers of America Michael box.

And Rory Cooper from The Heritage Foundation who served as a senior policy advisor.

At the Department of Energy under George president George W.

Bush Yeltsin to go to you first peak oil you say it's real we've peaked -- -- -- -- I don't think the question is because I think the question is his supply.

Gonna meet demand and currently demand is growing faster than their ability to bring supplies -- so it's really a question of pace we have plenty of -- -- gonna take.

200 dollars a barrel to lifted up.

Much more expensive.

-- well but but what I always say our our our demand is -- exceeding our production because we've we've been keeping track we've been keeping up with demand under production.

For years because right now it's not anymore the -- asking.

It's all about developing countries.

Last year demand in the world grew 2.3 million barrels a day.

That's 28 that's the highest it's ever growing and it's nothing of that has happened in develop -- -- -- and developed.

Well -- and we did a lot of but it could though I think that we wanted your room or we might it would drilled or what do what what about.

Mike we do you agree with the peak oil theory.

No I think we have -- politics -- and and you know she's correct and it's 200 dollars only because of the politics -- the regulations that we have I mean we just need to think that it's no more vertical drilling its horizontal drilling and that's more expensive we've got to drill here domestically.

And what's getting in the way of that -- politics.

And politics is driving up the price -- they're not -- is do we need to do to keep up with -- Rory Cooper what about it Michael points out every time we had demand more oil we seem to figure out a way to get more oil.

Is as the world -- in production.

Thirty years ago people thought that we at 600 billion barrels of oil in reserves five years ago we at one point two trillion right now we have nearly one point four Chilean.

We always find more reserves because this technology -- -- grow we're actually able to find more oil underneath the ground.

And cars get more efficient because consumers demand that not because government's mandated so this this problem is mythical.

We have the oil we just need to going give it.

And right now the president's up policies are making in a possible for a central -- for cheap oil.

I don't think that's really happening right -- the number of X two rigs operating in the United States is the highest it's been since 85.

That's during regular numbers today.

Even if -- really US scale company they're gonna tell you -- the maximum we can really increase it by ten in ten years -- to enough million barrels of.

In the united -- anybody that's true and a half -- is coming every year nearly ten million barrels in 1970 right here domestically.

Right but did not and now we have the EI AEA did and I the president none of them have been dried up as well I'll -- -- got to go ahead -- -- right.

Present about -- Obama's own EA within the Department of Energy says that we -- gonna have a 130000.

Barrels per day.

Let's in the Gulf of Mexico next year under -- thousand barrels per day in 2012 we have like 27% increase in the reserves by the CIA.

But because of his moratorium because of the way he's done on -- policy and regulation let's here we are getting less oil go ahead of the numbers on exactly drivers in the -- -- -- taking at one point two trillion barrels of -- total -- violence that with modern technology one point two trillion turns around to four point 82 -- and if -- -- -- let's not forget one other thing.

We found and we keep finding a lot of natural gas yes but unfortunately we can within the transportation sector because of all kinds of rules and regulations in other policing -- in the range there we agree my friend.

Regulations may be more of a detriment oral supplier are fossil fuel supply then production.

And a lot of it doesn't look we have to be realistic with people are suggesting that we -- we are not say which have been -- we should real.

But what will happen you're trying to run away from a trend that is six -- -- where we have to realize that there are I'm sorry guys who ran out of time I apologize it's just you Hollander that's -- I'm sorry Rory Cooper up on the bird.

And Michael J.

Fox appreciate your time you guys think you --

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