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Strategies & Market Trends : Maximum Investing

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To: Howard Bennett who wrote (79)	12/9/2002 11:24:18 AM
From: Howard Bennett	Read Replies (1) of 81

Over the Last 24 Months Hoped For Caspian Oil Bonanza Has Vanished With Each New Well Drilled -- Global Implications Are Frightening fromthewilderness.com [Ed. Note: The unfolding drama since 9-11-01 has been closely paralleled by another, perhaps more threatening one. Evolving more quietly, unmentioned and ignored by the major media, is a coming hydrocarbon energy crisis of civilization-threatening significance. Peak oil production is a reality, and it is happening now. What was once heralded as an oil bonanza in Central Asia -- and given life by ludicrous economic and political assertions insisting that demand always creates supply -- has proven itself to be an enormous bust. As Caspian reserve estimates have been continually revised lower -- from 200 billion barrels, to 100 billion barrels, to around 20 billion barrels -- the world has witnessed a dramatic shift in U.S. foreign policy toward belligerent and unilateral doctrines aimed at Iraq and Saudi Arabia. In the meantime, both politicians and economists perpetuate a dangerous fallacy which says that if you lock scientists up in a bank vault and give them enough money and enough demand, they can produce a hot dog with mustard and relish. And conversion to hydrogen energy, as promoted by the Department of Energy, is an impractical myth; a palliative meant to calm fears rather than solve problems. Not until technolgies are made available which manufacture hydrogen at the point of use will hydrogen technolgies present even a viable partial solution for the critical challenges posed by peak oil.

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