Tuesday, April 2, 2013

(Updated): Are we running out of resources?

A related update:  Why do so many believe that we will run out of oil and fossil fuel in the relatively near future? A major reason is that "experts" and doomsayers alike typically ignore, undervalue, and underestimate the incredible power of human ingenuity and creativity.  From an IBD post today:

The answer: innovation. Over the past century or so, oil and gas drilling has been transformed from an industry dominated by hunches and wildcatters to one that is more akin to the precision manufacturing that dominates aerospace and automobiles.  The convergence of a myriad of technologies — ranging from better drill rigs and drill bits to robotic rigs and nanotechnology — is allowing the oil and gas sector to produce staggering quantities of energy from locations that were once thought to be inaccessible or bereft of hydrocarbons.

Original Post:  Pretty high on the enviros list of capital offenses committed by capitalism is the depletion of the earth's resources.  The most popular expression of this view is the "Peak Oil" argument that posits humanity is facing an ever-declining number of years of available oil reserves to fuel its energy needs.  And, of course, this is nonsense.  Or rather, "Peak Idiocy", as Duke University economist Mike Munger famously coined it a few years ago.  If you'd like to learn more about "Peak Idiocy", here's a good article to check out.  For those of you who prefer a rather quicker explanation as to why we shouldn't worry about running out of any resource, check out this video: