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Politics : The Environmentalist Thread

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To: Wharf Rat who wrote (24808)	6/10/2009 3:49:31 PM
From: Maurice Winn	1 Recommendation Read Replies (1) of 36921

Wharfie, Peak Oil is like Irrational Exuberance as described by our great and estimable idol Alan Greenspan KBE. He explained that we only know AFTER the event what was really going on. Sure, we can guess and be right more often than not. But we don't really know. Of course Peak Oil might have been already. My guess remains that Peak Oil will match Peak People. There have been previous economic crunches leading to reduction in oil production. This is a big cruch so of course oil consumption and therefore production are reduced. But you watch and you'll see Saudi Arabia and other big producers increase production to maintain market share and cash flow. They try cutting production to hold the price up, but that doesn't hold the price up [for long[ and then they are faced with lower production and lower prices. Having enjoyed large production and large prices, and developed a lifestyle around that, they are cornered and pretty soon start boosting production to get money. When oil is $20 a barrel, or even $10 a barrel, your windmill investments are going to be looking poor. Mqurice

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