Is there any chance that undiscovered oilfields can significantly increase supply?
It’s been 10 years since we found as much oil in a given year as we used. Some big Saudi oilfields are starting to decline in production, and the great bulk of the world’s oil-producing areas already are at capacity. Russia, actually, is the second-biggest producer, contending seriously with Saudi Arabia to be the leading exporter. Russia already supplies much of Europe’s natural gas. Russia probably has four or five times as many drilling rigs as it did just a couple of years ago, but it’s not increasing production. Basically, it has to drill much more to maintain its current production rates, which is what we all have to do. What is Iran’s position in the Israel/Hezbollah conflict? Some of the people of Iran are enraged at Iran’s spending money on Hezbollah that it needed to spend at home. Iran needs to sell its oil to keep its population from revolting. Iran is still a big player, but its people have failed to invest money in foreign technology that could help find more oil. As in m
