More Reasons "Peak Oil" is a Crock

The following quotes are excerpted from an article at
http://www.ft.com/cms/s/6f017cd6-fe92-11db-bdc7-000b5df10621.html.

(1) "Multinationals own or have access to less than 10 per cent of world
oil resources.

(2) "Before 1961 the industry could invest almost anywhere except the
Soviet Union and Mexico. Then it was pushed out of the Middle East and
Venezuela. Investment by international companies shifted to the North
Sea, the north slope of Alaska and offshore. But the North Sea and
Alaska are maturing even as output in key producers is declining.

(3) "To the extent that access has become more restricted for the
international oil companies, it could lead, and may lead, to constraint
on supply." Yet there is little the oil companies can do to change that.
'For international oil companies, access is a real challenge.' "

Who has access to the other 90% of oil resources? Mostly governments,
who have been nationalizing and taking over fields and refineries
discovered by private interests for more than half a century.

Why is that a problem? Because governments are congenitally incompetent.
They seized the fields and refineries to plunder them, and lack the
foresight or the know-how required to maintain them and to find new
supplies to replace those that they are exhausting.

Result: the world is rapidly approaching a disaster--runaway oil
prices--that is entirely man-made, and need not happen at all.

That it will, in fact, happen is, unfortunately, a foregone conclusion.

--Mitchell Jones

*****************************************************************
If I seem to be ignoring you, consider the possibility
that you are in my killfile. --MJ
.

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