Michael C. Lynch

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InternacionalEconomía

As WikiLeaks’s trove of diplomatic dispatches continues to trickle out, one recent release has caused quite a stir: a cable from an American diplomat who said he was told by a Saudi oil executive that both official estimates of Saudi oil reserves and their ability to meet global demand in the long run have been vastly exaggerated. In turn, many proponents of “peak oil” theory, the idea that the global rate of oil production has entered a terminal decline, have insisted that the cable confirms their view on resource scarcity.

Actually, it does nothing of the sort. The Saudi executive, Sadad al-Husseini, a former head of exploration for the Saudi oil monopoly Aramco, has been making such claims for years.…  Seguir leyendo »

MundoAmérica, , ,

The Obama administration’s decision to allow oil drilling off northern Alaska and the East Coast and in the eastern Gulf of Mexico is a bold political move that demonstrates a rational approach to energy policy. Yet, given the peculiarities of petroleum extraction, the public shouldn’t buy any arguments that it’s going to accomplish a lot in terms of energy independence or payback for taxpayers.

The administration is trying to deflect criticism from environmentalists by pointing out that the decision should help reduce our dependence on foreign oil, create thousands of high-paying jobs and generate much-needed tax revenue. But Mr. Obama is being careful not to offer any specifics, and for good reason: estimating undiscovered resources in areas with little previous drilling is as much art as science; even the most optimistic projections concede that the amount of petroleum we’re talking about here is relatively minor; and while some jobs may be created fairly quickly, profits (and tax revenues) are going to come slowly.…  Seguir leyendo »