The Challenge

Turning to domestic oil is not a serious option. Not only will that do nothing to reverse global warming, but the oil simply isn’t there. The United States has less than 2% of the world’s oil reserves and imports 60% of the oil we use. We can’t drill our way out of the hole we’re in.

The reality is: world oil production is at or near its peak. Global demand for oil—up to 86 million barrels a day—has exhausted spare capacity. Increasing demand by China, India and the industrializing world is driving prices ever higher—and spurring an intense scramble for secure sources of supply. There’s nothing in the pipeline to cushion us from unexpected supply shocks caused by natural disasters or global unrest. Our margin of error is gone. And in the long run, there’s not enough oil to go around.