Energy is essential to the way we live. Whether it is in the form of oil, gasoline or electricity, the worlds' prosperity and welfare depends on having access to reliable and secure supplies of energy at affordable prices. Improving how we acquire, produce, and consume energy is central to becoming economically and environmentally responsible and sustainable.
Tuesday, January 4, 2011
Are We Running Out of Oil?
Are we running out of oil? According to the New York Times, apparently not.
The paper of record ran two articles in close proximity over the holiday week, both of which regale us with stories of how wrong all those silly "Malthusian pessimists" have been.
First, John Tierney gloated about his 2005 bet with the leading voice for peak oil theory, investorMatthew Simmons (who, sadly, died in August). Tierney wagered $5,000 that oil would not average more than $200 per barrel in 2010. It was a bet that harkened back to the famous Simon-Ehlich Wagerbetween Population Bomb author Paul Ehrlich and economist Julian Simon. Their bet began in 1980 and focused on whether the prices of five commodity metals would rise over 10 years. More >>>