After the oil price collapse of 2008, the subsequent rise to $80 this year convinced many that people that oil traders were anticipating a tight oil market with the economic recovery. Meanwhile, others felt that speculators were reacting to financial factors like the weak dollar rather than market fundamentals. The former were very much encouraged by the many advocates of “peak oil” who perceived a long chain of negative news and predictions as heralding the end of the oil age.
Here’s the reality: we are nowhere close to the end of the oil age.
A careful examination of the facts shows that most arguments about peak oil are based on anecdotal information, vague references and ignorance of how the oil industry goes about finding fields and extracting petroleum.
In fact, today’s oil market is similar to what we saw back in the 1980s, which saw an oil price spike, followed by a price collapse that persisted for years.
Michael Lynch, the former director for Asian energy and security at the Center for International Studies at the Massachusetts Institute of Technology, is an energy consultant.
PEAK OIL IS LIKE AGW AND THE "HEALTHCARE CRISIS": TOTAL BS MEANT TO SCARE THE PUBLIC INTO SOCIALISM.
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