Many researchers say peak oil will soon be reached or that it already was a while ago. Not so for John Hess, head of Hess Corporation, one the leading oil exploration and refinement companies. He says we’re only a third of the way through reserves. Nonetheless, he says there’s trouble ahead:
“As demand grows in the next decade, we will not have the oil production capacity we will need to meet demand,” Mr. Hess said. “Supply will then have to ration demand, and prices will skyrocket – with the likely outcome of bringing the world’s economy to its knees.”
Not surprisingly, his solution is to start drilling.