It’s amazing how, every now and then, an “expert” can get mainstream news attention for information that was already publicly available. Thus it is with geologist Eric Cheney, who’s basically come forward with the revelation that “the prevailing theories are right.” His story is headlined that the Earth has “lots and lots of oil.”
But it is common knowledge to anyone who’s studied economics that we will never run out of oil. As the resource becomes more and more scarce, it will become more and more expensive as well. Eventually it will get so expensive that other forms of energy — today seen as pricey — will make more sense than oil does.
Additionally, as technology improves, the existing oil reserves get easier and cheaper to reach.
To Cheney’s credit, he does provide the insight that gas prices are about what they have been historically; they seem high because the last decade’s prices have been abnormally low.
It’s a great thing that the media is finally deciding to circulate this information instead of spreading fear of an oil crisis. But they shouldn’t present it as a cutting-edge news flash.
Robert VerBruggen blogs at http://robertsrationale.blogspot.com.