Oil was first drilled 150 years ago - NYT has put stories this week on if Peak Oil is real
Gabriel Rotello - HUFFINGTONPOST
- Aug 27, 2009
Michael Lynch's history of predictions is not encouraging --Ed.
For those who follow the debate over Peak Oil - the idea that world oil production is peaking or is about to peak, and will then decline with disastrous results for the global economy - this has been a banner year for the Peak Oil side.
First, oil prices spiked to record levels - just when many Peak Oilers predicted they would - and helped stagger the economy. Then prices declined dramatically, as Peak Oilers also predicted, but began skyrocketing again even though demand for oil was off sharply - as they also predicted. Based purely on foresight, the Peak Oil side has been scoring touchdowns left and right.
On top of that, a steady drumbeat of scientists, analysts and industry executives who once pooh-poohed the idea of Peak Oil have been jumping on the bandwagon. ... [Read More]