It seems everything turns out about the opposite of what we were taught in school by people like Stanford professor Paul Ehrlich. See http://aun-tv.com/2015/06/doctor-wrong-paul-ehrlich-exposed-by-new-york-times-yet-nyt-has-learned-nothing/
I was taught in Geology School that in 1990 world oil production would peak and by 2000 petroleum would be a curiosity in glass jars in museums. There were critics of such teachings that said that as the price went up in a free economy innovations and technology would come along that would get oil out of deposits then considered impossible to tap. The central tenet of peak oil is that always when a country like the USA has its oil production fall, it will never rise back to the prior high.
Who was right? Well in 1990 and 2000 and 2015 those that predicted that free economies would create solutions look like prophetic geniuses and the majority of professors, Marxists and news media figures look like either ignorant fools or cynical manipulative liars.
USA Rises To Number One Oil and Gas Producer
The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields.
U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy released on Wednesday. Gas output also climbed, putting America ahead of Russia as a producer of the hydrocarbons combined.
The data showing the U.S.’s emergence as the top driller confirms a trend that’s helped the world’s largest economy reduce imports, caused a slump in global energy prices and shifted the country’s foreign policy priorities.
“We are truly witnessing a changing of the guard of global energy suppliers,” BP Chief Economist Spencer Dale said in a presentation. “The implications of the shale revolution for the U.S. are profound.”
The other major shift BP’s report shows is China’s energy demand growing at the slowest pace since the Asian financial crisis of the late 1990s as the economy slows and the country tries to reduce its reliance on heavy industry.
“Growth in some of China’s most energy-intensive sectors, such as steel, iron and cement — which had thrived during China’s rapid industrialization — virtually collapsed in 2014,” said Dale, a former Bank of England chief economist who joined BP last year.
In the U.S., the boom in oil and gas production has started to change the economy profoundly. Cheap fuel has seen manufacturing return to the U.S. as the country produced about 90 percent of the energy it consumed last year.