Startling prediction: U.S. will never run out of oil and gas

July 7, 2014 | By

"The U.S. will never run out of oil and natural gas. Never. Same goes for the rest of the world. Won't happen," according to Dallas-based oil and gas executive and author of "The Fracking Truth" Chris Faulkner.

Faulkner, who consults with governments and industry from the United States to Asia and Europe, has been a critic of the oil industry since the early days of fracking in Pennsylvania -- for hiding the ingredients in fracking fluids; failing to engage the public; and allowing the environmental movement to "demonize a technology that is turning the U.S. into an energy superpower after years under OPEC's thumb."

Nevertheless, he says the energy revolution is well underway and fracking is now the predominant practice in the industry.

"The revolution that's taking place in our own backyards – fracking -- is spreading around the globe. The energy boom has been the catalyst for enormous changes that are reinvigorating the U.S. economy, providing us with greater security, giving us greater control over our environment, and even helping rebuild America's stature in the eyes of the world," Faulkner said. "It's also fundamentally changing the global balance of power away from the Persian Gulf states and Russia. After Russia's actions in Crimea and now, with the situation heating up again in Iraq, it's more important than ever for the U.S. to fully develop its own resources as a buffer against shortages and price shocks."

In addition to fracking having unlocked enormous new sources of energy, huge strides in conservation and technology are making developed countries more energy efficient at such a rapid pace that the world's dependence on traditional hydrocarbon sources will decline sharply in the years ahead, Faulkner predicts.

As for his prediction of an endless supply of energy, Faulkner quotes a Saudi oil minister who, nearly 45 years ago, said, "The Stone Age didn't end for lack of stones, and the Oil Age will end long before the world runs out of oil."

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