London Times Attacks Peak Oil ‘Myth’
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It’s a peak oil ‘myth’ that we’re running out of oil, according to the London Times.
The article, titled “It’s a myth that the world’s oil is running out,” is written by Irwin Stelzer, a director of economic policy studies at US think tank the Hudson Institute, and raises interesting questions about peak oil theory.
Stelzer insists that although what he calls the peak oil myth is pervasive, it’s ultimately untrue.
Majorities in 15 of the 16 nations surveyed around the world think that oil is running out… only 22% on average believe that ‘enough oil will be found so that it can remain a primary source of energy for the foreseeable future.’ Those majorities who think we are running out of oil include 85% of the British and 76% of the American citizens polled. Luckily, they are wrong.
Production of oil is being constrained by several forces, none of them due to God’s failure to put enough of the black gold under our feet. Several countries that are important sources of supply are in political turmoil, and unable to bring to market the oil they are capable of producing. Think Nigeria, where security problems have shut down about 20% of the nation’s capacity of 2.5m barrels a day and discouraged new investment, and Iraq, where political paralysis and terrorists have kept production at less than half its potential.
Another peak oil myth buster is Alex Green, Investment Director at InvestmentU.com.
“There are quite a few holes in so-called peak oil theory,” says Alex in The Peak Oil Myth… Don’t Go Broke On This Popular Investing Fallacy. “Anyone who has bought into this idea may want to think again. It turns out that the Peak Oil Theory may actually be the peak oil myth…”
To learn more about whether peak oil theory is fact or myth, you can read on at the ContrarianProfits.com peak oil primer, Peak Oil Facts: How to Survive the Coming Crisis.