Enough oil no longer the problem [View all]

A few years ago the doomsayers were sure we would peak in oil supplies in the near future and eventually run out in years to come. It was made explicit in the book, "American Theocracy" by Kevin Phillips, which makes good reading. But, in fact, world oil production continues to rise, and the USA is one of the leaders in production.

Eventually consumers could decide they can do without some of the oil products, especially at the prices gasoline has risen to, and the oil futures investors, which have considerable control over pricing, will no longer be interested. The oil will just remain underground, unused, probably forgotten.

However, David Frum of CNN says "Our oil problem is not that 'we're running out.' Our oil problem is that we're producing so much of the stuff that we are changing the planet's climate." Whoa, now we bring in the environmentalists. But then there is fracking which produces cheap natural gas, which is a plus for the environment.

So what do we do next?

Read more here: http://www.cnn.com/2013/03/04/opinion/frum-peak-oil