Yesterday we explored the lack of peak oil.
I also found an interesting recent article on theÂ topic at Real Clear Politics.
In a chilling 2010 column, Paul KrugmanÂ declared: â€śpeak oil has arrived.â€ť
So itâ€™s really not surprising thatÂ the national average for a gallon of gasÂ has fallen to $2.77 this week â€“ in 10 states it was under $2.60 â€“ and analysts predict weâ€™re going to dip below the two-dollar mark soon. U.S. oil is down to $75 a barrel, a drop of more than $30 from the 52-week high.
Meanwhile, the Institute for Energy ResearchÂ estimatesÂ that we have enough natural gas in the U.S. to meet electricity needs for around 575 years at current fuel demand and to fuel homes heated by natural gas for 857 years or so â€“ because we have more gas than Russia, Iran, Qatar and Saudi Arabia combined.
With prices returning to ordinary levels and a few centuriesâ€™ worth of fossil fuels on tap, this is a good time to remind ourselves that nearly every warning the left has peddled about an impending energy crisis over the past 30 to 40 years has turned out to be wrong. And none of them are more wrong than the Malthusian idea that says weâ€™re running out of oil.
Each time thereâ€™s aÂ temporary spike in gas prices, science-centric liberals allow themselves a purely ideological indulgence, claiming â€“ as Krugman, Paul Ehrlich, John Holdren and countless others have â€“ that weâ€™re rapidly approaching a point when producers will hit the maximum rate of extraction of petroleum. Peak oil. With emerging demand, fossil fuels will become prohibitive. And unless we have our in solar panels in order, Armageddon is near. Â Read more »