Comment 60410

By Undustrial (registered) - website | Posted February 28, 2011 at 16:21:46

The economic ignorance displayed in the whole "speculation" argument really blows me away. It's as if nobody's seen speculation before. We live in a capitalist society - what commodity's price isn't regularly inflated by speculation? Furthermore, the notion that a 2% drop in supply shouldn't generate much more than a 2% increase in price is similarly absurd. That's just not how supply and demand work.

The constant flood of stories which claim to "disprove" peak oil by pointing to side effects are simply dishonest. There's a point beyond which it's not an act of "keeping people calm" and instead it's just perpetuating a crisis. It's very fashionable to be a "skeptic" and to dismiss "doom-sayers" these days. Unfortunately, fashion isn't logic, and denial doesn't solve problems.

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