www.counterpunch.org -- I’ve never had much time for “peak oil” (the notion held with religious conviction by many on the left here, that world oil production either has or is about to top out – and will soon slide, plunging the world’s energy economies into disarray and traumatic change.) In fact there’s plenty of oil, as witness the vast new North Dakota oil shale fields, with the constraints as always being the costs of recovery. Oil “shortages” are contrivances by the oil companies and allied brokers and middlemen to run up the price.Contrary to the lurid predictions of declining US oil production, disastrous dependence on foreign oil and the need for new offshore drilling, not to mention the gloom-sodden predictions of the “peak oil” crowd, the big crisis for the US oil companies can be summed up in a single word that drives an oil executive to panic like a lightning bolt striking a herd of snoozing Longhorns: glut.
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