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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (138468)	7/31/2010 11:34:03 PM
From: Elroy Jetson	Respond to of 206326

One year after OPEC imposed an oil embargo in 1973 a geologist named M. King Hubbert, who had retired from Shell Oil Company ten years earlier, was quoted by the National Geographic magazine in June 1974 saying "global oil production would peak in 1995 if current trends continue". King Hubbert believed that solar power would be a practical renewable energy replacement for fossil fuels, and that nuclear energy in breeder reactors would be able to sustain us for centuries. He even taught a class at UC Berkeley beginning in the Spring Quarter of 1974 at the request of the Regents. Oil companies invested in solar panels, geothermal wells, "shale oil", tar sands, uranium and many other "alternate energy" projects. In fact, King Hubbert and his theories were the talk of the town until oil prices plunged in 1983, leaving a massive glut of energy. Sadly for Hubbert, he lived on for another six years dying at age 83. Six to eight years ago the well known opportunist, Matt Simmons, saw the profit and publicity benefits he could derive from rehashing the same territory, especially since commodity prices were again being driven up by a large credit bubble, similar to the 1970s. This sucked in a new crown of yayhoos who were convinced they now had access to secret information that would make them wealthy beyond their wildest dreams. Then the credit bubble collapsed, just as it had in 1983.