The Blog | Raymond J. Learsy: Oil is Not Scarce -- The Oil Industry Continues to Play Us For Fools | The Huffington Post: ". . .Most ominously, in sotto voce, as though delivering bad news to a concerned family member, the industry argues that the world is running out of oil and that shortages are imminent. Industry spokesmen also imply, without saying so directly, that mile long lines could form at your filling station any day now. That, they try to make us understand, is why the market is so jittery, with oil prices jumping every time a pipeline leaks. The only trouble is that it isn't true. Oil, and permit me to underline this, is not scarce!
That is one of the most important facts in our world, and hardly anyone you meet will believe it. Most people have been bamboozled by the oil industry led by its flacks, by compliant analysts (read Daniel Yergin et al), by peak oil spinmeisters, a snoozing press, and the heavy artillery brought to bear by the Organization of Petroleum Exporting Countries (OPEC), which works overtime and spends big to make us believe in the myth of scarcity. That keeps prices high and oilmen rich, while the rest of us pay and pay and pay. . ."
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