the current leader of the Apocalypse Cult, George Monbiot, was explaining that the world is about to run out of oil and so we’d be better off living in wattle huts without electricityBut is there an energy crisis? Mr Kerevean doesn't think so:
HERE’S what happens next. The oil companies are now going to go on the rampage to find new oil sources. A decade from now, gallons of the black stuff will be coming out of our ears, and the price will plummet. Meantime, things may get a little rocky and economic belts will be tightened, but hopefully not quite so tightly as in the 1970s.Indeed, this process is already under way.
I was at one of George Monbiot's sessions at the Edinburgh Book Festival but was not selected to ask a question. Mr Monbiot spoke at length about the "price" of oil without seeming to understand what the word price actually means. A price is a ratio. In this case he was telling the audience that oil now costs $50 a barrel. He could equally have told us that oil now "costs" fifteen measures of whisky per barrel, or, for that matter, four festival sessions with George Monbiot! It's no good examining the denominator: a "barrel of oil" unless we also look at the numerator: a "dollar".
For quite a few years now the US Federal Reserve has been printing dollars like there's no tomorrow. This of course means that each dollar buys less and less. Oil is priced in dollars and therefore the price of oil will continually rise, other things being equal.
For anti-capitalists like Mr Monbiot it's much easier to go on and on about "shortages" of resources rather than examining the politically-controlled monetary system that's behind rising prices. But if Mr Monbiot were to have a look at how money is created by governments he would realise that the US authorities aren't pro-capitalist at all and that would never do, would it?