Raise the Hammer

Re A Smith, comments brings debatable issues to the forefront; one has to ponder how much of this is simply marketing manipulation. In the mid 60s it was predicted that by the year 2000, oil would be depleted. Setting up this long history and at every opportunity a touch of paranoia is added, for value. Those first cries we that oil was in short supply, in the last 10 years the industry proclaimed it was due to the lack of refineries.

What's interesting is that when one considers the dept of many countries that find themselves in a position of failing to meet their financial obligations, government who will be left on the hock for those other countries failure to meet their dept; and when one adds the total taxes on oil, fuel, it most of this is simply a boondoggle. Most are sharp enough to recognize that the price of oil is more posturing and political that real, all we have to do is examine the profits of the oil industry. Including if these are the facts as a society we would be already be building more atomic energy plants.

"Consider: global oil production has been stalled at around 85 million barrels per day (mbpd) since 2005." this may be so, but is this simply a standby bar in order to maintain the present price? The facts are we are not really sure of whom is pulling the string or why?

"China, mainly, followed by India - as well as all the oil-producing countries with nationalized industries and artificially low domestic prices (Venezuela and most of the Middle East)." Does any one really know what is artificially low or high...Based on much of the hype the base line for logic is difficult to find. Though I think that we to develop a secondary means of energy, if only to bring some balance to the situation. From Canada's perspective perhaps we should stop exporting oil, using said oil for our own use until we develop other resources.
A Smiths suggestion, I think is don't panic as that's what this industry survives on...almost like terrorism.