Oil Production in the United States Is a Massive Fraction of What Is Considered Oil in the United States

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If the economy holds up in 2023, we could pierce a 2018 quarter for new all time record of what is considered oil. But that's actually all liquids. 40% are natural gas liquids and other things that can't be directly used as oil. The rate of increase of crude oil and condensate production is either flat or in decline.

On this episode, petroleum geologist Arthur Berman returns to unpack the development and drawbacks of ‘peak oil’. Art explains how our institutions have redefined what is considered oil, which has created an illusion of constantly growing oil production. The reality is that - circa 2023 - fully 40% of what is called oil is comprised of things that are ‘not oil’. What does this imply for global peak oil? Is peak oil, an observation which has been around for decades and repeatedly proven ‘wrong’, even relevant today? Is a specific ‘peak’ date even helpful or should we be focusing on the logical implications of a declining primary resource for global economies? And then, what should we do

About Art Berman:

Arthur E. Berman is a petroleum geologist with 36 years of oil and gas industry experience. He is an expert on U.S. shale plays and is currently consulting for several E&P companies and capital groups in the energy sector.

For Show Notes and More visit https://www.thegreatsimplification.com/episode/54-arthur-berman

To watch this video episode on Youtube → https://youtu.be/CDBJdQnjE2o