Sunday, June 03, 2012

Whatever happened to "peak oil?" Why we'll never run out of oil...

Remember the term “peak oil”? Whatever happened to it?

The notion that world oil production had reached its summit and would soon begin a decline—bringing with it shortages, economic collapse, resource wars, and general ruination—was in great vogue not so long ago.

"Is global oil production reaching a peak?” asked the BBC in 2005. “We are approaching peak oil sooner than many people would have guessed,” said The Houston Chronicle three years later. Two years after that, The New York Times reported on a group of environmentalists who “argue that oil supplies peaked as early as 2008 and will decline rapidly, taking the economy with them.”

Well, here we are at summer, 2012. The Chicago Tribune reports that the nationwide price for a gallon of regular “has fallen well below $4 a gallon.” The term “peak oil” seems to have been completely forgotten. Not only that—it is beginning to look as though the U.S. could largely cease to depend on the Middle East as its principal supplier.  Full story...

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  3. Oil, oil, and oil. America has more oil than any other nation...
  4. Who is really behind the "peak oil" scare?
  5. What??? We're not running out of oil???
  6. The coming panic over the end of oil...
  7. Rising oil prices? Shell makes US$8bn profit in just one quarter!!! 
  8. Cars to be powered by ... whiskey? 

1 comment:

  1. Great article. I especially like the pistachio comparison.

    ReplyDelete