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The Fossil-fuel bonanza makes peak oil theorists look ridiculous. Plenty of Oil right here.
Financial Post ^ | 04/10/2011 | Peter Foster

Posted on 04/10/2011 6:10:10 PM PDT by SeekAndFind

In his devastating 2008 book, An Appeal to Reason: A Cool Look at Global Warming, former British Chancellor of the Exchequer Nigel Lawson noted the perhaps unprecedented hypocrisy surrounding the climate issue.

“Fortunately,” he concluded, “the gap between rhetoric and reality when it comes to global warming, between the apocalyptic nature of the alleged threat and the relative modesty of the measures so far implemented (not to mention the sublime disregard of international obligations solemnly undertaken), is far greater than I can recall with any other issue in a lifetime of either observing or practising politics.”

Even more fortunately, as rhetoric falters and reality intrudes, the whole issue is now collapsing. Apocalypse is an increasingly tough sell as the “science” is exposed (see accompanying article by David Evans). Climate policy is revealed as not merely ineffective but a Trojan Horse for other costly and destructive agendas. Most fortunately — and ironically — of all, the world faces a fossil fuel bonanza that will improve lives without causing environmental Armageddon.

This week, U.S. climate envoy Todd Stern acknowledged at the latest cast-of-thousands climate talks in Bangkok that a binding global agreement on emissions is “not doable.” The talks have meanwhile been reduced to their shakedown basics: US$100-billion of “climate aid” to countries that are poor because they have lousy governments. This money would be laundered via the terminally corrupt United Nations, the same organization that orchestrated the cooking of the science.

On Tuesday, the International Energy Agency, the IEA, in a report on “progress” in alternative energy, in fact revealed that such energy is all but irrelevant. Almost half of the increase in primary energy use in the past decade has come from coal. Almost all the rest has come from oil and gas. Last November, the IEA’s World Energy Outlook signalled — reluctantly — that political commitments to slash fossil fuel use were so much hot air.

Peak oil theorists and other Malthusian moralists are — as ever — being made to look ridiculous. Private-sector ingenuity has most recently upset the depletionists in orchestrating a shale gas revolution, which promises hundreds of years of additional supply. The IEA’s chief economist, Fatih Birol, admitted earlier this year that shale gas would further undermine wind and solar. Meanwhile, other recent studies have suggested that improving technology may soon unlock the vast resource of shale oil.

Yet there is nothing so dangerous as a wounded animal, and the irrationalist green movement still holds the well-funded power to alarm and misinform. Environmental NGOs still hold the sympathetic attention of much of the mainstream media. One example was given in this space last Monday, which highlighted the bias and inaccuracies of an editorial in the powerful New York Times about the proposed US$7-billion Keystone XL pipeline to take oil sands oil to the Gulf Coast.

President Barack Obama is a reflexive interventionist, but he can sense that the political winds are a-changin’, and not just in terms of increasing Republican clout. (On Thursday, the U.S. House voted to prevent the Environmental Protection Agency from imposing stealth climate policy via regulation, although there remains the prospect of a tougher fight in the Senate, and a possible presidential veto.)

The President thus seeks both to suck and blow. Last week he cited Canada as a steady and reliable source of oil for the United States. This week he has to hem and haw about Keystone and claim that questions still need to be answered about the “destructiveness” of the oil sands (which he called “tar sands,” thus suggesting that radical environmentalists are still writing his script).

Speaking on Wednesday, Mr. Obama sought to draw in another green target: all that shale gas. “So we’ve got to do some science there to make sure that the natural gas that we have in this country, we’re extracting it in a safe way,” he said. “The same thing is true when it comes to oil that’s being piped in from Canada.”

The President seems woefully ignorant of the vast amount of real science — and regulation — that already exists on these issues. He remains most woefully ignorant about the state of climate science. Still, Mr. Obama’s waffling is understandable. More bizarre is the plan announced this week by the government of Alberta to expropriate hefty tracts of oil sands acreage from the industry in order to create “parks and recreation areas.”

Is Alberta short of parks and recreation areas? Are people so sick of the Rockies that they want to visit scrubby forests steeped in bitumen? Or could this be yet another example of appeasing green “activism,” just like last year’s “Canadian Boreal Forest Agreement,” under which a ragbag of NGOs succeeded in appearing to set forest development policy, which is surely the government’s business.

As with its royalty-hike fiasco four years ago, the grab-back-some-oil-sands policy could deliver Edmonton a tailings pond of woe, lumbering the province with a multi-billion dollar bill, all in the name of holding up wealth and job creation.

As Lord Lawson suggests, all this represents a level of hypocrisy and economic insanity that boggles the mind and beggars historical parallel. However, as another incisive writer, Charles Mackay, noted in his 1841 classic, Extraordinary Popular Delusions and the Madness of Crowds, people — once they have burned enough witches or sufficiently damaged their economies with crazy schemes — always come to their senses, forcing their politicians to follow.


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: fossilfuels; oil; peakoil

1 posted on 04/10/2011 6:10:12 PM PDT by SeekAndFind
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To: SeekAndFind

There has been a dearth of Peak Oil posters to kick around lately


2 posted on 04/10/2011 6:12:17 PM PDT by Balding_Eagle (Overproduction, one of the top five worries of the American Farmer each and every year..)
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To: SeekAndFind

Oil, gas, coal, hydro. We’re energy rich beyond the world’s wildest dreams.


3 posted on 04/10/2011 6:13:09 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: SeekAndFind
Peak oil now is the amount our bottle neck governemnt will allow to be processed. We have the most fossil fuel in the world and the most repressive energy regime we have ever had.
4 posted on 04/10/2011 6:17:26 PM PDT by mountainlion (America land of the free because of the Brave.)
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To: SeekAndFind

“peak oil” hysteria is really nothing new.

In one of Reagan’s radio addresses in the late 70’s, published in “Reagan in his own hand” he discusses how in previous years dating back to the beginning of the 20th century, forecasts were made about the imminent exhaustion of earth’s oil supply.


5 posted on 04/10/2011 6:19:24 PM PDT by I_Like_Spam
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To: cripplecreek
And why people aren't raising 3 kinds of hell when they go to the pump right now, I do not understand.
Have we they really gotten that stupid?
6 posted on 04/10/2011 6:20:38 PM PDT by The Cajun (Palin, Bachmann, Free Republic, Mark Levin, Rush, Hannity......Nuff said.)
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To: mountainlion

Us has wolds largest energy resources

http://www.energytribune.com/articles.cfm/6933/US-Has-Earths-Largest-Energy-Resources


7 posted on 04/10/2011 6:23:34 PM PDT by mountainlion (America land of the free because of the Brave.)
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To: The Cajun
"But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."
8 posted on 04/10/2011 6:26:01 PM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: The Cajun
Our known onshore natural gas reserves.

Image Hosted by ImageShack.us

You'd never know that Michigan sits on top of the second largest shale gas basins in the country.
9 posted on 04/10/2011 6:26:01 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: The Cajun

I discretely tape nobama’s picture on the pumps I use. Itr is the least I can do.


10 posted on 04/10/2011 6:35:26 PM PDT by hal ogen (1st amendment or reeducation camp?)
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To: SeekAndFind
There have been two huge, hysterical, leftist scams going on for more than thirty years. One is, of course, the global warming scam, and the other has been the not as blown up "peak oil" or "peak energy" scam. Both have been pushed hard by Big Media for obvious reasons. Number one is to take down the U.S. The existence of a powerful, capitalist country makes their plan to Marxize the world a lot harder.

Number two is to keep the poor people of the world poor. They certainly don't want presently impoverished countries to realize that Marxism is the surest way to remain impoverished and capitalism the quickest way (India, China) to get out of it. By keeping super-poor countries perpetually poor, they have sticks to beat the U.S. and other capitalist western countries with. In short, the impoverished countries give the leftists a reason to exist.

11 posted on 04/10/2011 6:41:33 PM PDT by driftless2 (For long-term happiness, learn how to play the accordion.)
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To: cripplecreek

On top of all the NG plays on your map there is the latest...

Will the Utica Shale Surpass the Barnett and Marcellus?

The Barnett and Marcellus shale plays are justifiably regarded as world class resources for natural gas and are becoming recognized for their great gas liquids potential. Thus, when industry conversation starts mentioning a North American gassy shale play that could be in the same league or eventually even more impressive than these two proven plays, both industry participants and investors become curious.
The Utica lies beneath a very large geography.
In physical extent, the Utica shale covers a geography about twice as extensive as the Marcellus (and far more extensive than the Barnett). In terms of hydrocarbon resources, no one knows the potential of the play. It is too early in its E&P lifecycle (recall that the first modern well was drilled in the Marcellus by Range Resources only in 2004). Only a few commercial wells have drilled by less than half a dozen companies but even so expectations have risen dramatically.
The Utica lies between 3,000 and 7,000 thousand feet beneath the Marcellus but extends further northwest and much further southwest. It underlies parts of New York, Pennsylvania, Maryland, Virginia, West Virginia, Ohio, Tennessee, Kentucky, Lake Erie, Lake Ontario, Ontario and Quebec. Its depth ranges from about 2 miles deep in parts of Pennsylvania to under 2,000 feet below sea level in parts of Ohio, the Great Lakes and Ontario. It is reportedly even shallower in Quebec.


12 posted on 04/10/2011 6:43:35 PM PDT by Recon Dad (I have never killed a man, but I have read many obituaries with great pleasure)
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To: hal ogen

I really like your idea. “Thanks Obama” signs taped on gas pumps discretely.


13 posted on 04/10/2011 6:50:38 PM PDT by Wildbill22
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To: mountainlion
"Peak oil now is the amount our bottle neck governemnt will allow to be processed."

Great point.

Peak oil always was/is about the limits on American oil production by the the Federal gov't. At first there was a peak in American production partly because more cheaply extracted oil became available overseas -- normal supply & demand stuff -- but it has become clear that these days the only thing preventing truly massive oil production here in America is the Federal Government imposing limits pushed by watermelons and their fellow travellers.

14 posted on 04/10/2011 6:54:42 PM PDT by PENANCE
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To: hal ogen
I discretely tape nobama’s picture on the pumps I use. It is the least I can do.

THAT is a really good idea.

15 posted on 04/10/2011 6:55:59 PM PDT by Finny ("Raise hell. Vote smart." -- Ted Nugent)
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To: hal ogen

LMAO. Awesome idea. I think I’ll steal it.


16 posted on 04/10/2011 6:57:58 PM PDT by PENANCE
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To: cripplecreek

Have several friend that are Pet and NG Engineers. They laugh when the hear someone call oil and gas fossil fuels. One says “there ain’t no fossils in those fuels.”


17 posted on 04/10/2011 7:01:57 PM PDT by cork
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To: cripplecreek
Oil, gas, coal, hydro. We’re energy rich beyond the world’s wildest dreams.

All impeded by envirowhackoism.

18 posted on 04/10/2011 7:28:12 PM PDT by umgud
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To: cripplecreek
So if we leave this toxic gas and oil where it is the next earthquake can rupture it to spew uncontrollably into the enviroment?

DRill Baby Drill!!!

19 posted on 04/10/2011 7:29:00 PM PDT by rawcatslyentist (It is necessary that a person be born of a father who is a citizen; ~Vattel's Law of Nations)
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To: driftless2
the impoverished countries give the leftists a reason to exist.


Only the destitute have anything to gain in socialism/communism.

20 posted on 04/10/2011 7:31:17 PM PDT by rawcatslyentist (It is necessary that a person be born of a father who is a citizen; ~Vattel's Law of Nations)
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To: Balding_Eagle

Kicks just keep getting harder to find...


21 posted on 04/10/2011 7:36:47 PM PDT by TigersEye (Who crashed the markets on 9/15/08 and why?)
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To: cripplecreek

Yeah, as long as there are walls in the cabin and chair to sit upon, we have plenty of firewood!

It’s not a question of whether all will be depleted or not. It’s a question of the costs to exploit each remaining unit of energy, whether costs to our health, safety, labor, time, environment, etc.


22 posted on 04/10/2011 7:46:21 PM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: Gondring
Cutting firewood can be dangerous. Better just to put on another sweater.

Or two, or three, or five.

23 posted on 04/10/2011 8:09:44 PM PDT by TigersEye (Who crashed the markets on 9/15/08 and why?)
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To: TigersEye

Trees grow faster than oil.


24 posted on 04/10/2011 8:10:58 PM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: TigersEye

I’m wondering when “conservatives” no longer believed in “conserving”


25 posted on 04/10/2011 8:12:26 PM PDT by Gondring (Paul Revere would have been flamed as a naysayer troll and told to go back to Boston.)
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To: Gondring
Trees grow faster than oil.

Well hell Ace, be sure to hug your tree as you're cutting it down.
Besides that, logs don't fit too easily in a gas tank.

26 posted on 04/10/2011 8:18:37 PM PDT by The Cajun (Palin, Bachmann, Free Republic, Mark Levin, Rush, Hannity......Nuff said.)
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To: SeekAndFind

Peak Oil is no more about the price of gasoline, diesel and jet fuel at the pump than “Climate Change” is about hot summers and frigid winters. Peak Oil is just another excuse to buffalo all of us into giving up more liberty and accepting parasites that hate what is left of our prosperity.

A simple understanding of the laws and supply and demand shows that as low cost oil is used up, the market will be willing to bid more and more for the fuel it needs. However, in a free market, supply and demand are always in balance. Just like with water, there is no such thing as a shortage. There is only a price that the buyer doesn’t want to pay.

But we don’t burn crude oil in our cars or jet planes. We burned very technical refined products that are made by using a hydrocarbon-rich feedstock as the source of the atoms and molecules that are reassembled to make the fuel we want to buy. The important point is that there are other sources of those hydrocarbons, from coal to switch grass, to corn to sewage sludge. Each has a cost of conversion and its own supply considerations.

In a free market, people are free to adapt, improvise, and improve. We should not worry any more about Peak Oil than our ancestors worried about Peak Whale.


27 posted on 04/10/2011 8:18:48 PM PDT by theBuckwheat
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To: Gondring

I just pace back and forth until winter is over. It only lasts nine months at most here.


28 posted on 04/10/2011 8:22:39 PM PDT by TigersEye (Who crashed the markets on 9/15/08 and why?)
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To: Balding_Eagle

Also, battery technology has advanced so fast in the last 15 years that even Volkswagen Group’s Chairman of the Board Martin Winterkorn stated last year (2010) that by 2020 a passenger car that could seat four passengers and lugguge could run strict on battery power and go 800 km (497 miles) on a single charge. If Winterkorn’s prediction is correct, by 2025 people will start to look back at how quaint it was to fuel up an automobile with gasoline, diesel fuel or even compressed natural gas!


29 posted on 04/10/2011 8:26:42 PM PDT by RayChuang88 (FairTax: America's economic cure)
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To: SeekAndFind

With the stroke of a pen a leader could change the energy future of the United States for the next 100 years and allow US to continue as a world power relatively secure in our energy supplies and transportation systems. The pathway to such a future could be paved by far less money than NASA spends now, far less than we spend now on the Department of Energy, probably less than the paltry budget cut just made.

The future is a logical mix of electricity for fixed power and energy dense fuels such as oil or LNG and then hydrogen for mobile energy needs. Ethanol, solar and wind do not figure into the equation for our future. Their contribution is just short of WORTHLESS and the insignificance of the power produced is pitiful and always will be.

http://www.thoriumenergy.com/
http://www.thoriumenergyalliance.com/
http://energyfromthorium.com/

We don’t lack options, ability, resources or technology. What we lack is a vision and resolve. We are doomed by politics. Other nations such as China and India are planning for a Thorium fueled energy future right now.

Without a vision we perish.


30 posted on 04/10/2011 8:30:32 PM PDT by Sequoyah101 (Half the people are below average.)
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To: RayChuang88
If Winterkorn’s prediction is correct, by 2025 people will start to look back at how quaint it was to fuel up an automobile with gasoline, diesel fuel or even compressed natural gas!

Uh huh. Well, all those batteries are going to be charged via fossil fuels since solar, wind, and other quaint energy sources are intrinsically unable to provide sufficient power density. Only nuclear and "fossil" fuel have done that and continue to be able to do that.
31 posted on 04/10/2011 8:36:25 PM PDT by aruanan
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To: aruanan
Only nuclear and "fossil" fuel have done that and continue to be able to do that.

That don't matter to the *Magic* battery folks.

32 posted on 04/10/2011 8:39:19 PM PDT by The Cajun (Palin, Bachmann, Free Republic, Mark Levin, Rush, Hannity......Nuff said.)
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To: SeekAndFind

And they’re doing their best to squash nuclear, oil drilling, coal-fired electric, etc. Because fiefdoms work best in a Middle-Ages era society.


33 posted on 04/10/2011 8:46:48 PM PDT by P.O.E. (Pray for America)
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To: SeekAndFind

bump


34 posted on 04/10/2011 8:51:10 PM PDT by NoLibZone (Impeach Obama & try him for treason / Homosexuals reject diversity / Unions finally caught for theft)
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To: SeekAndFind

BO needs that oil to pay off China after we are enjoying the Socialist paradise.


35 posted on 04/10/2011 8:57:16 PM PDT by FrogMom (There is no such thing as an honest democrat!)
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To: SeekAndFind
this is all great, but let's assume we start drilling more oil here. Lot's of it. I have trouble believing it could make a huge difference unless we prohibited exports... which would create another haven of government control over private oil companies prone to abuse and corruption. Who sets the price if it isn't competing on the open market?
The stuff will go on the open market for sale to the highest bidder. It doesn't really do us much good unless we use it strictly as leverage.
The best method is to invest in the wells and capacity, enough to flood the markets if we wanted to... but instead of doing that, we hold that gun to OPEC's head. "20$ oil, or we release the hounds".

It would be smart to do it that way, we could destroy the oil market if they didn't play ball... in effect, starving the bastards out. Otherwise, the oil just goes to market and gets bought up by the damn chinese.

Am I missing something here? I mean, I'm not at all against drilling for oil wherever possible, but unless i'm missing something here, it doesn't seem to be the magic bullet.

36 posted on 04/10/2011 9:01:56 PM PDT by FunkyZero ("It's not about duck hunting !")
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To: hal ogen

I should do that. I’ve got his quote-”energy prices will necessarily skyrocket”— around here somewhere. (Maybe on the home ‘puter— I’m supposedly at werk.)


37 posted on 04/10/2011 9:44:38 PM PDT by ExGeeEye (Freedom is saying "No!" to the Feds, and getting away with it. "Speak 'NO' to Power!")
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