Peak Petroleum Follies

Two primary arguments are put forward as ways of justifying various economic schemes for reducing oil and gas use (e.g., carbon pricing by way of taxes, subsidies for green energy, emissions trading schemes): (1) Anthropogenic catastrophic climate change will occur if humans do not reduce their use of fossil fuels and the associated greenhouse gas emissions that result from such activities. (2) Peak global production of oil and gas has either occurred (or will imminently occur), and/or global peak reserves-to-production ratios for each carbon source have occurred (or will imminently occur).  Thus, humans must retool their economic systems in order to adjust to a near-term resource limitation induced post-carbon economy. Issue (1) has already been dealt with on many well-known climate science skeptic sites. Issue (2) is simply not supported by the data. According to the BP Statistical Review of World Energy dataset, the global proved reserves of oil have...(Read Full Post)

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