Natural gas is abundant in the other hemisphere, but in North America, depletion rates on new wells are up to 40% per year. After the crisis in 2000-2001, they drilled like crazy & got stocks back up - but it looks like no amount of drilling will get past about 2007 without a permanent, increasing shortfall.
hsweb01.screamingmedia.com/PMA/pma_newsarticle1_national.htm?SMDOCID=bellsgml_2002_04_26_29190_115898994-0266-KEYWORD.Missing&SMContentSet=0
The consensus among geologists is that petroleum supply will start a global decline around 2010 & that non-OPEC supply is already going down. Demand is still increasing, and pretty inflexible, so price spikes are going to be very large. Remember, US lower 48 production peaked in 1970, & has gone down ever since, despite all the variations in price and technology - and now the North Sea has started decline, the OPEC share has increased, etc.
www.oilcrisis.com/aspo/iwood/ASPO_Press.doc
All I'm saying is that the economics of abundance that have been built on the exploitation of new resources for the last few centuries aren't permanent, and soon we may be back to the rule of scarcity - globally & permanently.
Of course fusion is just 30 years away, the same as it was in 1970.
Enjoy!

