I’ve featured Free Market News Network on here before. They do like missing the point.

The buzz in the energy industry is something called “peak oil”; the view that the world will be tapping its last barrels by pick-a-date. Rarely is the activation of new oil fields reported, but there are new fields and there are likely to be more in future. If you trust the naysayers, then buy a bicycle. On at least five occasions in the past, the public has been told that the world was running out of oil.

The good news is that the U.S. has huge reserves of coal that account for half of the electricity generated. (Previous efforts to begin coal gasification were dropped when the price of a barrel of oil hit $10, rendering it financially unfeasible.) We need more nuclear facilities to generate the electricity we need. And, after we have accessed offshore and other known oil fields, we may well begin to extract oil from the vast shale deposits in U.S. western states if it becomes economically feasible…

And here’s where common sense should kick in. We all need to be more confident that the global energy industry is not going to leave us in the dark.

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