The American oil industry was born in the 18th century with the Drake well at Titusville, PA. However, the Spindletop oil discovery in Texas was the true beginning of the American oil industry. For decades many flowing wells produced thousands of barrels per day. Now, it is likely few, if any, such high rate flowing wells will be discovered. The best possibilities lie on Alaska’s North Slope (ANWR offers billion barrel reserves with the likelihood of high-rate flowing wells). Exploration of additional shale basins in the US offer sizable oil reserves. However, America will make the leap in discovery of new oil reserves to bring it up to Russia’s level of reserves. Lastly, the cost of finding and procuring these new reserves will be much higher than in the past.
Is there a solution? Yes, but it does not lie with solar or wind generated energy. It lies with nuclear energy. Nuclear energy is safe, efficient, and cost effective. For decades we have propelled our aircraft carriers, submarines and other ocean-going vessels with nuclear power without any activist fears being fulfilled, i.e., core meltdowns or any other serious accidents. In fact, what is the human/animal death count from an onshore nuclear power plant compared to other industrial plants? Unfortunately, uniformed activists and politicians have successfully fear-mongered the use of nuclear power plants and storage of nuclear waste on a scale matched only by the global warming crusaders. This being said, what is the future of nuclear reactors?
