Blog #4: What Oil Crisis? Technology Is Here to Save the Day
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Sorry, Mr. Hubbert, the "pimple" doesn't exist
Reynolds, Neil. “A Peak Oil Technocrat Ignored the Power of Technology.” The Globe and Mail 5 Oct 2011: B2. Print.
“Hubbert’s Peak is still not in sight”. Marion King Hubbert’s prediction that the world oil production would begin to decline after the 1970s has been squashed, according to U.S. Energy historian Daniel Yergin. All that fear about oil running out and OPEC crippling the American economy? Pure fantasy. The power of technology has allowed the Western Hemisphere “to move back into self-sufficiency” (Reynolds). Oil drilling has become more efficient with the technology to tap into shale oil reserves. In fact, countries like Venezuela and Argentina have untapped reserves the size of Saudi Arabia’s. America’s dependence on foreign oil in going down.
Hubbert, who was a Technocrat, failed to see a major component built in to the global market economy. If demand exists for a good – we will find a way to get that. Technology now lets us achieve that. In today’s world, technology has become a driving force behind every industry, even in conservative markets like oil drilling and mining. As Reynolds concludes in his article, drill, baby, drill.