Monday, May 3, 2010

Where Would We Be Without Offshore Oil?
Gus Lubin

All the oil spilling into the Gulf of Mexico would not fill the gap between US production and demand.

Econbrowser's James Hamilton posted this chart as a reminder of why we're drilling miles below the Gulf.

US oil production (green) is on the decline, even as off-shore production (blue) is on the rise. Add the fact that US consumption has risen considerably since 1980 and the whole situation seems futile.

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