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Old 10-27-12, 03:00 PM   #16
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Join Date: Jul 2005
Posts: 434
Default Re: Obama: 54.5 Miles per Gallon by 2025

Does that look like we're past peak oil t you?

In fact economic data suggests we'd be producing even more oil the last few years, except demand has dropped.


Investment in energy isn't that hard to come by. Take a look at what's going on in North Dakota and Saskatchewan. The deal is: that's petroleum. Investment in economically dubious "green" sources is hard to come by, which is why so many of the green energy companies the US gov't has thrown money at the last few years have failed. The market doesn't want their products, even at subsidized prices. Throwing money down the drain to prop up companies the market doesn't want is bad economic policy.

There is no economic incentive to shift away from oil at this time. There's a lot of economic incentive to pursue energy independence by exploiting oil reserves around the world & at home. If peak oil does occur, the market is more than capable of responding by diversifying energy sources when the need comes... because the free market is the most efficient way we know to allocate scarce resources.
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