Russ Steele
Reason magazine discusses Peak Oil Panic in the May issue and asks the questions. Are we running out of Oil? What should Bush do about it?
Ron Bailey, Reason’s science correspondent, lays out the peak oil issues and then knocks them down one by one. we have enough reserves for several generations. Then he points to the real oil crisis, most of the worlds oil reserves are not possessed by private enterprise. Seventy seven percent is controlled by government owned companies, with all the inefficiencies of central planning.
Not surprising, Bailey thinks we should let the free markets have free rein. He thinks President Bush should be listening to his buddies in the oil industry, as the free market has produced more oil, more efficiently than any other mechanism.
The article has not been posted on the Reason Web page yet, but it is well worth your time if you have any interest in the peak oil argument.
