Posted on 12/02/2014 12:13:19 PM PST by george76
In a chilling 2010 column, Paul Krugman declared: “peak oil has arrived.”
So it’s really not surprising that the national average for a gallon of gas has fallen to $2.77 this week – in 10 states it was under $2.60 – and analysts predict we’re going to dip below the two-dollar mark soon. U.S. oil is down to $75 a barrel, a drop of more than $30 from the 52-week high.
Meanwhile, the Institute for Energy Research estimates that we have enough natural gas in the U.S. to meet electricity needs for around 575 years at current fuel demand and to fuel homes heated by natural gas for 857 years or so – because we have more gas than Russia, Iran, Qatar and Saudi Arabia combined.
With prices returning to ordinary levels and a few centuries’ worth of fossil fuels on tap, this is a good time to remind ourselves that nearly every warning the Left has peddled about an impending energy crisis over the past 30 to 40 years has turned out to be wrong. And none of them are more wrong than the Malthusian idea that says we’re running out of oil.
...
As Steven Chu explained in 2008, “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.” .. Obama conceded he favored a “gradual adjustment” in this direction. ... But after six years of trying, we learned that the laws of economics can’t be circumvented. Which is great news for consumers, bad news for progressives.
(Excerpt) Read more at thefederalist.com ...
So why is it liberals think printing fiat currency lasts forever, but continuously discovered and bolstered hard commodities will vanish hundreds of years before its time?
Liberals are wrong on everything.
$75 a barrel?
Try $67
I watch a lot of daytime biz tv (CNBC, FBN, Bloomberg) and none of the “experts” were predicting this decline.
It’s interesting. Krugman: LMAO
Wait a little... $47.00
(D) - Pres Jimmy Carter started the propaganda lie that we were running out of gas.
The basis of the explanation is that
ENERGY = LIFE
And the left is inherently a death cult.
I’m gonna need about tree fiddy.
Let me guess....
Mentioning “peak Oil!” is now a racist code-word for racists that hate the black president, right?
Krugman will take credit that government spending worked to lower fuel prices.
Krugman became an economist right after he failed freshman calculus, physics, and chemistry.
Had he been just slightly more stupid, he’d have been an ideal guest on CNN.
Oh, wait.
Liberals are wrong on everything. Yep and they swear by it too. What’s that about doing something over and over hoping for a different result - insanity? Yep that’s them too.
Is the sky blue?
Is water wet?
Is gravity intact?
Do Liberals lie?..................
Like most leftist elitists, he doesn’t need anyone to ask — he’ll be quite willing to expound on his purported genius whether someone asks or not.
“About 575 years” - y’know, give or take...This is making enviro heads explode and I love it.
Leftists are always wrong, as Ronald Reagan even noticed
Problem is, oil prices are no longer the most important factor.
The number of operable refineries has dropped by over half since 1985.
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