I can remember during the gas crisis in 1979 when there were long lines at gas stations, the pundits were convinced we had reached “peak oil”. In other words we had used up the majority of all the oil available on earth. Look how that turned out!
@Ted LindI’ll see your observation, & raise it to recalling the hysteria in 1973, with the first phony oil shortage. Someone in Brooklyn, NY was shot to death after cutting in line @ a service station. When they utilized the odd/even license plates for fill ups, the lines disappeared. That tactic was recently revived in NY following Psychostorm Sandy’s maniacal devastation.
As noted by the Marlon Brando Oil Company CEO character in “The Formula”, the “Arab” oil embargo was orchestrated by the Americans, with help from the international cartel, his comment when an aid blamed “the Arabs” for the oil crisis, his response was “You idiot! We ARE THE ARABS!” Great line, great truth.
As to “peak oil”, yep, we’re there on supply, even though production IS at currently glut status, oil is NOT a renewable resource, and economically recoverable reserves are harder to find. Note that current $30 a barrel doesn’t justify doing tar sands where at least $60 a barrel is needed to just break even on refining costs, without even shipping it.
Everyone should be aware there are oil booms and busts and the busts last longer than the booms. Yes states and others act as if when a boom comes it will last forever. (drill baby drill) So instead of acting responsibly by adjusting budgets reasonably and collecting money and setting it aside to smooth out the loss of oil busts, Some states lower their tax rates and set their governments and populations for failure.
Theodore E. Lind Premium Member over 8 years ago
I can remember during the gas crisis in 1979 when there were long lines at gas stations, the pundits were convinced we had reached “peak oil”. In other words we had used up the majority of all the oil available on earth. Look how that turned out!
SHAKENDOWN over 8 years ago
@Ted LindI’ll see your observation, & raise it to recalling the hysteria in 1973, with the first phony oil shortage. Someone in Brooklyn, NY was shot to death after cutting in line @ a service station. When they utilized the odd/even license plates for fill ups, the lines disappeared. That tactic was recently revived in NY following Psychostorm Sandy’s maniacal devastation.
Dtroutma over 8 years ago
As noted by the Marlon Brando Oil Company CEO character in “The Formula”, the “Arab” oil embargo was orchestrated by the Americans, with help from the international cartel, his comment when an aid blamed “the Arabs” for the oil crisis, his response was “You idiot! We ARE THE ARABS!” Great line, great truth.
As to “peak oil”, yep, we’re there on supply, even though production IS at currently glut status, oil is NOT a renewable resource, and economically recoverable reserves are harder to find. Note that current $30 a barrel doesn’t justify doing tar sands where at least $60 a barrel is needed to just break even on refining costs, without even shipping it.
Frankfreak over 8 years ago
Everyone should be aware there are oil booms and busts and the busts last longer than the booms. Yes states and others act as if when a boom comes it will last forever. (drill baby drill) So instead of acting responsibly by adjusting budgets reasonably and collecting money and setting it aside to smooth out the loss of oil busts, Some states lower their tax rates and set their governments and populations for failure.