• Article // Nov 25, 2014
    Herman Franssen
    Candidate Obama was faced with major energy challenges in 2008. They ranged from the reality that replacing fossil fuels with renewable energy would take decades to the fact that security of oil supplies would remain a long-term problem. A commonly shared perception at the time was that not only was U.S. oil and natural gas production declining but that global oil reserves were becoming scarcer. Public concern about global warming was also strong and needed to be addressed.
  • In 2009, the largest share of oil production was in the Middle East (24 million barrels daily, or 31% of global production). Middle Eastern countries also possess about 40% of the world's natural gas reserves.