Sunday, November 22, 2009

George Will On Peak Oil

George Will provides an interesting perspective on the "peak oil" theory (though he doesn't use that term), pointing out that as early as 1914, imminent depletion of resources was predicted, something which has been repeated again and again after that, only to be followed by increased production and reserves. And as the cost of extraction falls, production capacity can continue to expand.

That however of course assumes that politicians won't interfere and prevent this increased production based on the shall we say increasingly shaky "global warming/climate change" theory" (See more on "climate gate" at the Save Capitalism blog). But that would not really be a case of "peak oil" but "peak politics".

More interesting reading on oil can be found here.