Wednesday, May 7, 2014

Peak Oil is Peak Idiocy

Those are the words (or a close approximation, anyway) of Duke University economist Mike Munger.  I've posted on peak oil a couple of times in the past (here and here) and just ran across this article which inspired me to fire up another entry on this completely debunked idea.  From the article at the Tyler Morning Telegraph:
Peak oil proponents — the guys and gals who believe overconsumption combined with scarce resources will lead to stratospheric energy prices — are now clinging to the hope that the shale oil and gas boom will fizzle out as the cost of drilling climbs,” reports Business Insider. “For the most part, the boom has held up, though no one believes it will last forever. But there is a fifth-column phenomenon this group has completely overlooked that will once-and-for-all obliterate their arguments: energy consumption efficiency.”

Put simply, we won’t run out of oil and gas (and other fuels) because we’re using less and less of them.  Not because demand is down, but because efficiency is up.