The Age of Cheap Oil Is Ending
On July 18, the National Petroleum Council delivered a blockbuster report to the US Secretary of Energy. The council advises the US federal government on energy issues. The council’s report—entitled Facing Hard Truths about Energy—assesses the “future of oil and natural gas to 2030 in the context of the global energy system.” Its 400 pages reveal a major shift in the energy industry’s publicly stated views about humankind’s energy prospects: We’re running out of cheap oil.