Peak Oil Indeed

All of the great and the good - the enviros, Ivy Profs and everyone else were telling us that $100 a barrel oil and $10 a MCF gas were the new normal because dang it, we were just running out of hydrocarbons in this world.  Now witness what is happening in 'played out' North America:  by far the most intensively exploited oil and gas region in the world.

NORTH AMERICA: The New Energy Kingdom? “With rising production from shale fields, the U.S. surpassed Russia last year to become the world’s largest supplier of natural gas. Shale now accounts for 10 per cent of the country’s natural gas production – up from 2 per cent in 1990. Chesapeake’s production from its next Texas project, expected by the end of 2012, will by itself supply the energy equivalent of 500,000 barrels of oil a day. For new oil, the U.S. has the huge Green River play that overlaps Colorado and Utah, one of the largest shale oil fields in the world. The EIA reports that the country’s proven reserves of crude rose last year by 9 per cent to 22.3 billion barrels. . . . Within a decade or so, North America will almost certainly emerge as the world’s biggest supplier – and exporter – of reasonably cheap energy.”

This begs the question:  why do we give so much credence to credentialed 'experts' on matters of policy or future predictions (except perhaps who has the best Sushi in Cambridge)?  Their track record predicting the economic future or designing social/economic interventions is horrid.  It seems that statist ideology tends to blind - it leads people to have a 'king' complex:  "What I say will happen".  Tragically most 'modern' leftists seem to look upon humanity as a problem to be solved.  The reality is that the only resource we really have is the one between our ears.  If we have enough faith and courage and trust in each other, we can achieve miracles.

Modern liberalism is just another form of deep, anti-human pessimism.  That's why liberals have so few children: why have kids if you don't believe in the future?

Buck up gang, God is good and so is life.  Go make babies.

Hattip instapundit