from The Daily Bell
We face a worldwide glut of oil, with profound economic and geopolitical implications, most of them good … So much for peak oil. According to a fascinating new study by Leonardo Maugeri of the Belfer Center for Science and International Affairs at the the John F Kennedy School of Government, we should stop worrying about when the oil runs out and get ready for $70 a barrel prices (using the Brent benchmark). Likely supply of the black stuff has been significantly underestimated, he reckons, with a veritable glut of new production due to come on stream over the next eight years. – UK Telegraph
Dominant Social Theme: Oil is scarce, damnit!
Free-Market Analysis: There are many opportunities for us to say “told you so,” as the 2000s wind on. We’ve been “on the money” about gold and silver going up, about the establishment of an Islamic crescent arc in the Middle East and generally about the elite’s phony scarcity memes … which brings us to Peak Oil.
Less than a year ago, we posted an article entitled, “America’s New Production and the Farce of Peak Oil.” Here’s an excerpt: