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Peak Oil is You


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Page added on December 31, 2009

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No Need to Worry

Peak Oil Refuses to Rise to the Occasion

…You don’t have to be a global-warming alarmist to wonder just when the world’s oil reserves are finally going to dry up and drive the price of oil through the roof, thereby ushering in a glorious age of energy created by hamsters on exercise wheels or some other renewable source. Conservatives who are into energy independence (such as former Gov. Sarah Palin) are also rooting for “peak oil,” the moment at which oil reserves go into irreversible decline, as it means that increasing domestic production will become politically possible.

The funny thing is, peak oil has been predicted with regularity for decades now and something always gets in the way: new reserves are discovered, prices collapse due to economic slowdowns, new technologies extract more fuel from less supply. Look for a new peak-oil panic the moment the world economy unambiguously recovers and demand rises. And after gas prices climb up to $4 a gallon before dropping again to $2.50.

WSJ



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