Monday, November 30, 2009

The next bubble - peak oil?

It's been several weeks, but just in case you missed this report in the Guardian:

Americans fear the end of oil supremacy because it would threaten their power over access to oil resources.

It turns out that some whistleblower from the IEA has come out saying that the reported figures for oil reserves have been exaggerated to appease the United States. Peak oil activist Colin Campbell is quoted as saying that the misleading figures are probably fortunate, for if we had the real figures financial markets would certainly panic.

Personally, I find the analysis in the quote above interesting. The US has spent an enormous effort on getting control of oil resources, and now it may turn out that the investment wasn't worthwhile. Too bad we didn't spend the past few decades rigorously working to get control of renewable resources at home.

Listen to audio here.

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