Graph of the Day for July 17, 2010
Randall Hoven
"It is against this backdrop of Oil at Any Price that Jimmy Carter and the leaders of Western Europe, Canada and Japan will sit down next week in Tokyo for two days of talks on energy and the imperiled world economy. Exactly 48 hours earlier in Geneva, the 13-nation Organization of Petroleum Exporting Countries will also gather-and take a step that will surely make the energy squeeze worse: another increase in price. Meanwhile, demands are rising both in the Congress and from the U.S. public that Washington launch a war-effort type of national program of cooperation by Government and industry to end U.S. dependence on OPEC and its oil." Time Magazine, 1979.
"When affordable oil gives out, we're in real trouble -- I mean the collapse of civilization, within 15 to 20 years." Larry Hagman, 2010.
Source: US Energy Information Administration, Annual Energy Outlook 2010.
Hoven's Index for July 17, 2010
Crude oil production in the US in 2007: 5.08 million barrels per day
Projected in 2035: 6.27 million barrels per day
Oil imports in 2007, net: 10.00 million barrels per day
Projected in 2035: 8.65 million barrels per day
Source: US Energy Information Administration, Annual Energy Outlook 2010.
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