Think of this as Volume 18, Number 39 of the newsletter I have written weekly since March, 1997. Enjoy.
It’s not “the big one.” But it is a foretaste of what is to come, at some point in the next six years, as we harness more of the wind that blows, the Sun that shines, the energy from our molten rock and the cheapest form of renewable energy there is, efficiency.
We know this is not “the big one” because this premature oil shock is the product of our own oil and gas industry. The U.S. refines about 9 million barrels per day and has three new oil production basins, which barely existed five years ago, each producing 1 million or more per day of those needed barrels.
You might even call this the Sarah Palin Oil Shock. It's not a compliment to the half-term Alaska governor. This shock is the product of a “drill baby drill” mentality from relatively small producers that has overrun the industry's willingness to invest in the infrastructure that brings it to market.