New York Times reported today that new technology and generous investments in the early part of the decade have been fueling a good year for the oil industry. Jim Hackett, CEO of Anadarko Petroleum, is not surprised.
He talked to Big Think last year about how this new willingness to explore and the potential of new technology could produce advantageous results not only for Big Oil, but for everday consumers.
Sure enough, Last week Anadarko announced a plentiful deepwater petroleum find offshore Sierra Leone. BP also added a monumental discovery in the Gulf of Mexico to a rapidly growing list of new finds.
Unfortunately, industry leaders like Hackett remain wary of oils staying power even in light of the recent good news, citing the limitations of cost and the inability of discovery to keep pace with consumer demand. In his interview, Hackett stressed the importance of developing domestic natural gas fields and remaining flexible in our search for new sources.