Once again I encounter an article where the person decides that something scientifically valid is questionable merely because there is debate from fools. This person pretends that we have not reached peak oil (or near enough to not matter) and seems to think we will magically be able to produce more. The only part they have right is the cost of oil remaining high, but supply and demand only account for half of the current cost of a barrel of oil. The other half of the cost is to pay speculators who are making money at the expense of the US and world economy.
It is bad enough that the cost of foodstuffs like corn and wheat are artificially altered by such games, and even worse when the costs of fertilizers and pesticides (both produced from crude oil) also go up.
We need to end petroleum speculation and price it at a level determined by supply and demand. I can see no reason to justify increasing costs to make some schmucks in suits happier. We really should find a way to multilaterally create a new tax on petroleum speculation, we could charge it to anyone buying and selling petroleum who does not actually use the product. There have been attempts in this direction in the past, but they were typically going after those using oil to produce energy or other substances. That does not work because they are merely paying the price set by speculation. Financial investors should not be allowed to continue to play games with our economy and the future of humanity.
Since our current President has given lip service to intelligence and forward thinking, perhaps he should address important issues of this nature and not playing tit-for-tat games with the other party.
- Peak Oil & Our Culture of Denial (treehugger.com)
- Wikileaks & Saudi oil – Feb 13 (energybulletin.net)