Oil not be Moved
Neither an alien invasion of the Ukraine, separatism on the North Sea, medieval terrorists in the Middle East, nor Ebola in Nigeria and Texas seem able to fuel price hikes at the gas pumps.
- Ukraine sits on 1/4 of the world’s entire proven reserves.
- Almost 90% of British North Sea oil output is found in Scottish waters.
- Over 1/2 of the world’s oil reserves are in the Middle East
- Nigeria is the world’s 10th most petroleum-rich nation.
- Texas accounts for close to 1/3 of all U.S. reserves.
Has big oil lost it’s edge or were they just fracking with us?
Related Story: “By burning through coal and oil deposits, humans are putting carbon back into the air that has been sequestered for tens—in most cases hundreds—of millions of years. In the process, we are running geologic history not only in reverse but at warp speed.”
― Elizabeth Kolbert, The Sixth Extinction: An Unnatural History