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Oil Sesquicentennial

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Terry in Austin Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Aug-27-09 04:41 PM
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Oil Sesquicentennial
Happy 150th, Black Gold!

One hundred and fifty years ago, on August 27, 1859 Colonel Edwin Drake struck oil in Titusville, Pennsylvania, giving rise to the modern oil industry.


Many happy returns:

The International Energy Agency (IEA) recently concluded that even with the current recession, by 2030 global demand for oil could increase by 25%. At the same time, the agency examined the status of the world’s 800 top oilfields and reported an average annual depletion rate of 5.5% increasing to 8.6% in 2030. In order to meet future projected demand for oil four new Saudi Arabias will have to be added to the global oil market between now and 2030.
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