ince 2005, field production of crude oil has increased very little worldwide, with U.S. shale oil production accounting for more than 100% of the increase—in the absence of these new sources of supply, global production today would be lower than it was in 2005.
The interesting plot would be barrels of oil / employee and then charting the difference over time between the big nationally owned companies, the big privates like Exxon/Mobil and finally the small privates all over Texas and North Dakota.
My suspicion is that the barrels of oil / employee has shrunk significantly over time at the nationally owned companies like Pemex, NIOC and Aramco.
Another interesting plot would be exploration expense / employee.
I also bet there is divergence in any real measure of investment per employee. Investment broadly defined as capital equipment expenditure (addition or replacement), etc.
The good news is that these nationally owned oil companies are such and important part of their respective governments’ revenue stream that eventually they’ll have to invest in their fields.
Them boys from North Dakota and the Permian Basin are eventually going to see the world. Fracking as they go.
Why should we worry about this? If Supply=demand then prices reflect relative scarcities/marginal values: end of story. The stone age did not end because we ran out of stone and the oil age will not end because we run out of oil.
Welfare depends on scarcity.
Otherwise, no one would have complained when gas prices and air fares doubled relative to median wages in a decade.
+1
There are many way to cut petroleum consumption without much cut in standard of living.
This has been the long standing rebuttal to the peak oil crowd who believes in hubbert curve. It’s hard to pump exponentially faster while maintaining long term recovery. The likely scenario. Is that the production rate is going to level and hold constant and it has…
BTW we do not so much buy petroleum but transportation, so if hybrids can be made for the price of non hybrids that is like producing 30% more petroleum.