And George Will agrees.
For many years, most oil was used for lighting and lubrication, and the amounts extracted were modest. Then in 1901, a new well named for an East Texas hillock, Spindletop, began gushing more per day than all other U.S. wells combined.
Since then, America has exhausted its hydrocarbon supplies. Repeatedly.
In 1914, the Bureau of Mines said that U.S. oil reserves would be exhausted by 1924. In 1939, the Interior Department said that the world had 13 years' worth of petroleum reserves. Then a global war was fought, and the postwar boom was fueled. In 1951 Interior reported that the world had . . . 13 years of reserves. In 1970, the world's proven oil reserves were an estimated 612 billion barrels. By 2006, more than 767 billion barrels had been pumped, and proven reserves were 1.2 trillion barrels. In 1977, scold in chief Jimmy Carter predicted that mankind "could use up all the proven reserves of oil in the entire world by the end of the next decade." Since then the world has consumed three times more oil than was then in the world's proven reserves.
We will NEVER run out. NEVER.
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