Thursday, May 2, 2013

Peak Oil Isn’t Dead + Important Defster Note

Warnings about “peak oil” have been with us since the OPEC crisis in the 1970s. At some point, the experts said, the world would hit a limit on how much oil could be extracted from the ground. Production would then drop, prices would soar, chaos would ensue. But after a worrisome series of price spikes starting in 2007, oil triumphalism is once again ascendant. Companies are now using new technologies to extract crude from hard-to-reach sources, from the tar sands of Alberta to shale formations in North Dakota. After decades of decline, U.S. oil production has risen to its highest levels since the 1990s. And that’s led many analysts and journalists to confidently declare that “peak oil is dead.”

Important Defster Note: Peak Oil normally (free market) would not be a problem. Thanks to pomonomics and property rights relativism it is. Story in short: 1. The west let the Middle East steal oil in the 50s, 60s, 70s. 2. OPEC doesn't let anyone audit its reserves. 3. Peak Oil will come unexpected (instead of expected in a free market), and will lead to huge economic destruction. Neither the left nor the right understands this. More about the OPEC triggered energy crisis and the Extremely Relativist idea that oil belongs to the Arabs soon on Pomoland.