Alaska just doubled its reserves.
Good news for our economy, bad news for petrotyrants, in Russan and the Middle East. And once again, my prediction of many years ago, that $100 oil was unsustainable, remains accurate.
2 thoughts on ““Peak Oil””
Comments are closed.
“my prediction of many years ago”
Rand, you and Steve Forbes, who predicted the same 10 years ago in 2006. It certainly took long enough for prices to come down, and the prediction of collapsing prices certainly took its toll on Mr. Forbes’ credibility as a financial prognosticator.
This is our chance to grind those tyrants into the dust, but we may not take it because our Greens are screaming at us “We have to leave it in the ground! We are going to burn up!”
But then again, the Russians have always had some measure of success swaying public opinion in the West in a direction more favorable to their interests. In light of Mr. Trump’s foundering on this question, it had been made known to me by at least one military-geek-student at a science-oriented institution of higher learning in Pasadena, CA, that U.S. nuclear policy was always overwhelming superiority to maintain a first-use first-strike option. When Reagan advanced a program to retain that state of affairs, and this was prior to “Star Wars”, all of his advisors were branded Strangeloves, Reagan was branded ignorant, Nuclear Freeze resolutions were put on state ballots, Physicians for Social Responsibility got into high gear reminding us what Hiroshima was like, you had those TV nuclear-strike disaster dramas, and so on. It’s not like the Russians handed Hollywood the scripts, but let’s say they didn’t try very hard to stop these things from ending up on American TV.
So what did happen to Peak Oil? The Peak Oilers were forever saying that this “fracking” was a flash-in-the-pan because the increased oil production is only temporary?
Could it be that, say, were we to get a multi-year cold spell that the Climate Change thing would dry up, their insistence that such a cold spell was only temporary notwithstanding?
Alaska hasn’t doubled its reserves. There’s always been more oil in Alaska to obtain. The problem is the easy oil to obtain is blocked by morons that never spent a day in Alaska, much less ANWR. The oil deposits offshore in the arctic is great, but so far, nobody has been successful building rigs and platforms to reliably uncover oil in those conditions. Those issues will be overcome, but for Alaska, this needs to be done soon, as Prudhoe is on the decline. What Alaska needs is to add to the current pipeline, such that LNG can be shipped efficiently from the Slope to the Sound. Expect such efforts to expand the pipeline for clean burning LNG to be blocked by the same people claiming to believe in AGW and doing everything from flying in private jets to blocking access to cleaner burning fossil fuels.