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7/11/2005
Fear and Irrationality in the Oil Patch Profit-taking and stock prices rise and fall, but fears seem to be unfounded. Is the oil shortage real? Facts are hard to come by, and philosophical arguments rage. - The “Peak Oil” argument is based on the concept that oil is a limited “fossil” fuel, and that the supply will decline and the price will rise dramatically as demand outstrips supply – long before we actually run out of it. However, oil is not disappearing right away. The United States continues to fill its reserve wells, and some apparently-drained oil fields are refilling at a faster rate than expected. (Ref.) How? This is also hotly debated among the abiotic oil and biotic generation of oil theorists. Whatever the cause, the planet appears not to be running out of this form of energy resource in the immediate future. (Pure Energy Systems News)
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