Most people believed this could never happen, that we'd already reached “peak oil” and that production rates would only fall.
But those predictions were simply wrong. Once again, new technologies, daring entrepreneurs and $-billions in investment capital have changed everything in the oil business.
Amy Myers Jaffe, energy expert dir Baker Inst Energy Forum at Rice-Univ, summarizes the info we have now:
“By the 2020s, the capital energy will likely have shifted back to the W-Hemisphere,” due to both the stable political environment and of course the new technologies of horizontal drilling and fracking.
There's also Pete Stark, a former geologist for Mobil Oil, who agrees, “A huge production revival through 2020 with tight oil leading the