Thursday, June 13, 2013

What is this "peak oil" of which you speak?

For those of us who believe that cheap energy has been the greatest boon to humanity in its entire history as a species and that the United States has done more for freedom and prosperity in the world than any country ever, this is unalloyed good news:

Energy demand in the United States fell 2.8 percent, leading an overall decline of 1.2 percent in developed countries.

At the same time, the U.S. saw its biggest-ever annual increase in oil production in 2012. The company said the U.S. produced 8.9 million barrels of oil a day, up 13.9 percent from 2011.

The economy is growing, so the United States is becoming more efficient in its use of energy, and at the same time producing more oil, up an astonishing 14% last year, notwithstanding the generally uncooperative posture of the current administration. Is there any industry more miraculous than oil and gas?

And, with the possible exception of the followers of Paul "The Population Bomb" Ehrlich, has there been anybody more wrong, more quickly, than the "peak oil" crowd?

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