Hard Truths: Facing the Hard Truths about Energy – A comprehensive view to 2030 of global oil and natural gas

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Prologue

By letter dated October 5, 2005, Secretary of Energy Samuel W. Bodman requested that the National Petroleum Council undertake a study on the ability of global oil and natural gas supply to keep pace with growing world demand. Specifically, the Secretary stated that key questions to be addressed in the study may include: What does the future hold for global oil and natural gas supply? Can incremental oil and natural gas supply be brought on-line, on-time, and at a reasonable price to meet future demand without jeopardizing economic growth? What oil and gas supply strategies and/or demandside strategies does the Council recommend the U.S. pursue to ensure greater economic stability and prosperity? (Appendix A contains a copy of the Secretary’s request letter and a description of the NPC.)

The study’s primary focus was on oil and natural gas. However, all energy forms were assessed as they are elements of an interrelated and competitive global energy market. In fact, an understanding of all energy forms was necessary in order to provide meaningful advice on oil and natural gas.

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