Oil industry expert Michael Klare says the "Age of Easy Oil" is finished; the world is now entering a new, "tough oil" era.
Klare defines "easy oil" as that which is easy to extract from the earth, is found in large reservoirs, is close to the surface, is located in countries that are friendly and nearby, and, if offshore, is found in shallow water.
"Tough oil," on the other hand, is deep underground, located far out into the ocean, is found in unfamiliar and tough geological formations like shale rock or in the Arctic, or is located in unfriendly and combative nations.
Klare, who has written several books on the oil industry including Blood and Oil and Rising Powers, Shrinking Planet, says trying to trying to extract "tough oil" is a dangerous game in which more disasters like the Deepwater Horizon Oil Rig explosion will be inevitable.
In his latest book, Rising Power, Shrinking Planet, Klare explores the goeopolitical issues facing the world if states refuse to shift to alternative energy sources. As he highlights, the oil game has changed: "That's [tough oil] all that's left on the planet, so that, to the degree to which we remain dependent on oil, that's what we're going to have to go after."
Read the full story at NPR: Michael Klare: Grappling With The Age Of "Tough Oil"
Image credit: Walt Hubis via Flickr
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.