The Phaserl


Yet Another Study Predicting a ‘Worldwide Glut of Oil’

by Staff Report, The Daily Bell:

We face a worldwide glut of oil, with profound economic and geopolitical implications, most of them good … So much for peak oil. According to a fascinating new study by Leonardo Maugeri of the Belfer Center for Science and International Affairs at the the John F Kennedy School of Government, we should stop worrying about when the oil runs out and get ready for $70 a barrel prices (using the Brent benchmark). Likely supply of the black stuff has been significantly underestimated, he reckons, with a veritable glut of new production due to come on stream over the next eight years. – UK Telegraph

Dominant Social Theme: OIl is scarce, damnit!

Free-Market Analysis: There are many opportunities for us to say “told you so,” as the 2000s wind on. We’ve been “on the money” about gold and silver going up, about the establishment of an Islamic crescent arc in the Middle East and generally about the elite’s phony scarcity memes … which brings us to Peak Oil.

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3 comments to Yet Another Study Predicting a ‘Worldwide Glut of Oil’

  • reflector

    “We face a worldwide glut of oil”

    this is one of the most laughably stupid things i’ve heard in a long time.

    if that’s the case, why are we spending more time and energy lately going after harder and more expensive to obtain sources of oil, like shale, like tar sands, like deepwater horizon?

    why are we ramping up our military adventurism in oil-rich (“terrorist”) areas of the world in recent years?

    all the easy surface oil is gone.

    yes there is a lot more oil, but it’s getting a LOT harder and more expensive to get to, that’s what peak oil is all about – SRS Rocco, who did an excellent article this week on falling silver production, has produced similar extensive research on peak oil.
    it’s not a controversy, it’s just a fact of life.
    some are just stupid and don’t understand peak oil.
    others are liars or manipulators who will try to twist the facts to suit their agenda.

    doesn’t even matter if anyone recognizes the reality of peak oil or not, ultimately it’s the world we are living in.

  • mr620

    i think the author is confused with petroleum and petrodollar.

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