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 ...
Everything liberals have told us about anything is wrong!!!
It’s not just energy. Everything liberals have told us is wrong.
Paul Krugman is an economic illiterate.
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