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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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Libyan unrest is fueling a sharp boost in U.S. pump prices. But beyond that immediate cause for concern lies a far more extended -- and ominous -- trend: Oil costs appear likely to keep rising over the coming decades as demand outpaces supply across the planet.
Consider this recent alarming statistic from Exxon's annual report: For every 100 barrels of oil it pumps above ground, it can now only find 95 to replenish the supply below ground.
Exxon's not the only "Big Oil" enterprise sounding the alarm about this big problem. As The Wall Street Journal reported last week: "It's a conundrum shared by most of the other large Western oil-producing companies, which are finding most accessible oil fields were tapped long ago, while promising new regions are proving technologically and politically challenging."
Read it all.
Filed under: * Culture-Watch Young Adults * Economics, Politics Economy Consumer/consumer spending Corporations/Corporate Life The U.S. Government Energy, Natural Resources * International News & Commentary Africa Libya America/U.S.A. Middle East
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