By Brian A. Shactman, CNBC.com
Lawrence S. Katz / Toms River
Should our president allow environmental lobbyists to influence or dictate this nation’s energy policy? Continue reading »
Brazil has begun building its first nuclear submarine to protect its vast, new offshore oil discoveries. Colombia’s oil production is climbing so fast that it is closing in on Algeria’s and could hit Libya’s prewar levels in a few years. ExxonMobil is striking new deals in Argentina, which recently heralded its biggest oil discovery since the 1980s. – NY Times as Back in Oil Companies’ Sights ..
Dominant Social Theme: The world is running out of oil. Renewables are the ticket. People will have to make do with less.
Free-Market Analysis: It wasn’t supposed to be this way. By now, Peak Oil was supposed to be a fact of daily life. People were supposed to be lined up at gas stations, struggling to buy US$10-a-gallon gas. Solar and wind companies were supposed to occupy prominent places on the Big Board instead of going out of business right and left.
People were supposed to have diminished expectations – resigned to shivering in the dark. Free markets, a flawed system of commerce, were to be exposed as a misleading theoretical construct, incapable of providing for people’s needs. The Invisible Hand, while real, could not combat an equally real and disturbing fact: The world was running out of resources.
But not according to this recent article in the New York Times. Yes, THAT New York Times, the newspaper of record that has spent the past decade banging the drum for Peak Oil – the idea that the world is running out of energy and that people will have to lower their expectations about how to live and perhaps abandon modern society altogether. Continue reading »