Phil Flynn - The Energy Report

Today's Wall Street Journal is writing on a report commissioned by Samuel Bodman and the Department of Energy and put together by the National Petroleum Council . The report has concluded that world oil and gasoline supplies from conventional sources are unlikely to keep up with rising global demand over the next 25 years. The Wall Street Journal says that the conclusions appear to be the first explicit concession by the petroleum industry that it can’t meet burgeoning global demand for oil, which may increase as much as 120 million barrels a day by 2030 from about 84 million barrels a day currently according to some projections. The report is called "Facing the Hard Truths About Energy” and long term oil bears will also have to face hard truths.

But so too will the anti-oil Democratic Congress that wants to tax our country and oil companies while they sell off our nations energy security. As they handicap our energy industries ability to do business we are losing out on the global race to secure oil supply.

Do you think I am kidding you? Already Petro China's oil output has risen by 3.7% surpassing growth at Exxon Mobil and Royal Dutch Shell. The anti-oil populism that the Democratic Congress has embraced in light of the growing competition for world wide supply is dangerous at best and criminal at worst.