L.F. Ivanhoe

L.F. Ivanhoe is an energy exploration consultant in Ojai, California. In the following viewpoint, Ivanhoe asserts that high energy demands will soon exceed the production of crude oil from known reserves. Ivanhoe contends that because of the unlikelihood of discovering large oil fields, oil reserves will become rapidly depleted, thus producing a permanent oil shortage. According to Ivanhoe, this inevitable shortage will result in higher fuel prices, high inflation, and fuel rationing. As you read, consider the following questions:

1. According to Ivanhoe, what was the peak year of oil discovery?
2. What is the difference between oil reserves and oil resources, according to Ivanhoe?
3. What does the author mean by “fruit salad” numbers"

After the oil crises of the 1970s, petroleum shortages disappeared and prices stabilized. The world stopped worrying about oil, but...