"History is philosophy teaching by example." (Lord Bolingbroke)

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Friday, April 28, 2006

Peak Oil Panic

Is there really a crisis? What is behind the high prices?

The good news is that the peak oil doomsters are probably wrong that world oil production is about to decline forever. Most analysts believe that world petroleum supplies will meet projected demand at reasonable prices for at least another generation. The bad news is that much of the world’s oil reserves are in the custody of unstable and sometimes hostile regimes. But the oil producing nations would be the ultimate losers if they provoked an “oil crisis,” since that would spur industrialized countries to cut back on imports and develop alternative energy technologies.

To the world's oil producers and refiners: be careful what you wish for.

Read it all.

Hmmmm. How far can you drive on a bushel of corn?


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