The Energy Independence Illusion

The purported benefits of energy independence are simple: an improved economy due to the reduced outflow of dollars, improved national security, and more flexibility on foreign policy, particularly with regards to the Middle East and now Russia. Those objectives are substantial, if they can be achieved.

Did crude oil production actually peak in 2005?

Haven’t we been hearing from the oil industry and from government and international agencies that worldwide oil production has been increasing in the last several years? The answer, of course, is yes. But, the deeper question is whether this assertion is actually correct.