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Oil boom poses environmental challenge to U.S.
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: September 20th, 2011
http://articles.sfgate.com/2011-09-04/opinion/30108735_1_wes...
Step aside, Saudi Arabia and Alaska. A major oil boom is under way in the U.S. lower 48 states and Canada. Oil rigs are sprouting across American corn fields and backyards, bringing a surge in greenhouse gas emissions and new public worries about local environmental effects. Oil companies and their supporters are grandly predicting a new age of North American petroleum, and it's no lie. U.S. reserves of oil that is ultra-heavy ... add up to more than 2 trillion barrels, with 2.4 trillion more in Canada - far greater than the conventional Middle Eastern and North African reserves of 1.2 trillion barrels. For decades, these supplies of ultra-heavy oil were viewed as exorbitantly expensive to extract. But in the past few years, a revolution in oil-field technology has made a significant portion of these reserves accessible at competitive costs. [In] 2005 the country's net petroleum imports peaked at 60.3 percent of total consumption. Net imports [shrank] to 49.3 percent by 2010. The number of rigs drilling for oil in the [US] is eight times greater than a decade ago. Already, the price gap between the international oil benchmark ... and the U.S. standard ... has grown in the past year alone to about $20 per barrel. Peak oil ... may be in the offing internationally but is nowhere to be seen in North America. Beckoning are two visions of our future. On one side is a surge of dirty oil that is likely to embolden a new crop of business-as-usual politicians. On the other is the emerging gamut of technologies for energy efficiency and renewable power that have already made California a clean-tech leader. Can America go beyond oil, or will it embrace the old status quo?
Note: Though it may be encouraging that peak oil is not an imminent threat, let us hope that clean energy technologies replace oil-based energy generation before too long.
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