Energy Literacy Advocates Newsroom

Energy Literacy Advocates (ELA) is a non-partisan, non-profit, public education and advocacy group dedicated to improving the energy literacy of all sectors of our democracy in order to empower a comprehensive national energy policy that is responsible and sustainable. Stay tuned for updated energy news!

Wednesday, May 28, 2008

Oil Industry Itself Facing Short Supplies

Wednesday, May 28 - There are two sides to every coin. While consumers struggle to assimilate $4 per gallon for gasoline, the oil industry itself faces a maelstrom of hurdles in supply-side economics. Not only have costs more than doubled for developing a new oil or gas field, the backbone of the oil industry is within 10 years of retirement. Competition over equipment and personnel have effectively delayed new projects while driving up operating costs.

Daniel Yergin highlights the woes facing the oil industry - points typically neglected in media coverage - while uncovering supply-side factors forcing oil to its breaking point. For the full text of this article, click here.

Labels: economy, oil companies, oil supply, oil supply/demand