Barnaby: Wow. So many mistakes I don’t know where to start.
“Our economy is collapsing”. We continue to muddle along at about 2% real growth per year, which is the envy of Europe, Japan, South America, etc.
“Peak oil is still with us…” And I suppose it always will be. The term was popular 2 – 4 years ago when oil was consistently above $100 per barrel. It is now around $40, and many say headed for $20. If that is peak oil, let’s have more of it.
“The core of the theory (of peak oil) was merely extrapolating the curve of a well’s production life.” No it wasn’t. It was the idea that accessing nature’s limited supply of oil will get increasingly expensive such that world oil prices will rise inexorably.
Fracking: “Its existed for years…” True enough. It existed, I believe, in the 1920’s. But in the last decade or two technology has enabled fracking to be so much more efficient that we can extract oil and gas from weak fields. Result: cheap oil and gas for the consumer thanks to technology and capitalism.
Yes, America is destined to be a net energy exporter. And no, I never said we would become a net oil exporter. But a week ago congress passed a bi-partisan bill revoking our 40-year ban on exporting oil, so who knows?
