President Barack Obama in March proposed using $2 billion in federal oil and gas royalties to invest in clean energy technology research. Obama is also expected to promote renewables through pollution regulations, if not with new laws.
And for all the world’s newfound oil, prices are still high because developing nations are consuming more.
‘‘It’s not time to write the epitaph yet,’’ Aldous says. Eventually the global economy will fully recover, he says, and demand for energy of all kinds will increase.
‘‘New sources of energy are going to be in vogue again,’’ he says.
Experts didn’t see the oil and gas boom coming five years ago. It’s certainly possible the world will change direction again in the next five years.
But EOG’s Papa says oil and gas companies will just invest in even more sophisticated technology. He estimates that current techniques pull only 6 percent of the oil trapped in source rock to the surface. Learning to double that would yield yet another enormous trove of hydrocarbons.
‘‘Now we go into the next phase of technology,’’ he says. ‘‘How are we going to get the rest of it out of the ground?’’
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