atomic_fungus (atomic_fungus) wrote,

#4977: How do you know an oil glut when you see one?

On Friday there's a major terror attack on a major western city, and gas prices don't rise in response, not even four days later.

...and my SF writer's brain just kicked in and pointed out all the assumptions in that sentence, things that make up the backdrop of our modern society...things which would have to be explained to someone from another time and culture. ("What does islamic terrorism have to do with the price of oil on the world market?" What a can of worms that is.)

All the nonsense from a few years ago about "peak oil" has been demonstrated to be just as farcical as I expected it was. The situation we're in now would be impossible if that had been so.

It all comes down to a question of will. I recently came across a Fungus post from a few years ago which went up shortly after it was announced that they'd discovered a three hundred year supply of oil under Utah. That's three hundred twentieth centuries' worth of oil.

That excludes the deposits found off the coast of Brazil, which that nation is having trouble exploiting due to corruption and fraud. That also excludes the known deposits in Alaska which are off-limits by government fiat.

Meanwhile, we're running out of space to put all the oil that's being pumped from the ground by an OPEC which is desperate to drive other suppliers out of the market, and in the process are beggaring themselves.

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