Minerals cannot be synthetically reproduced in human time frames. But in the world of human action, neither crude oil, nor natural gas, nor coal exists in one, total, known form to start a depletion clock.

Erich Zimmermann warned against the fallacy of importing the physical science concept of fixity to the real-world process of mineral development. “If petroleum resources were in their entirety available from the beginning and could not increase but only decrease through use, it might be correct to advocate ‘sparing use so as to delay inevitable exhaustion’,” he explained.

But if petroleum resources are dynamic entities that are unfolded only gradually in response to human efforts and cultural impacts, it would seem that the living might do more for posterity by creating a climate in which these resource-making forces thrive and, thriving, permit the full unfolding of petroleum reserves than by urging premature restraint in use long before the resources have been fully developed.

The market order encompasses the concept of sustainability, which has been defined (Brundtland Report) as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”[1]

In a sustainable energy market, the quantity, quality, and utility of energy improve over time. Sustainable energy becomes more available, affordable, usable, and reliable. Energy consumers do not borrow from the future; they subsidize their progeny by enabling the expansion of technology and upgraded infrastructure.

The catchphrase sustainable energy encompasses the goals of security and reliability, energy availability, and environmental progress. Critics of industrial modernism censure fossil fuels, beginning with coal and continuing with oil. Relatively cleaner-burning natural gas is preferred of the three, but sometimes only as the transition fuel to an envisioned post-hydrocarbon economy.…

“Running out of resources” has been a common refrain among the intellectual class and policymakers since the beginning of the oil industry. L. C. Gray (1913) and Harold Hotelling (1931) cemented the fixity-depletion view of minerals that swept the economics profession; so did the presidency of Jimmy Carter, in the (regulatory-induced) troubled 1970s.

Remember the lament of James Schlesinger, the  first energy secretary for Carter’s new Department of Energy: “We have a classic Malthusian case of exponential growth against a finite source.” And the confident conclusion of Amory Lovins:

All oil and gas resources should be carefully husbanded—i.e. extracted as late and as slowly as possible. Our descendents will be grateful. We, too, shall need a long bridge to the future.

But when surplus conditions with oil and gas returned in the 1980s, the lost voices of Erich Zimmermann and M.…

The free-market energy blog MasterResource turns three years old today. On December 26, 2008, the blog started on the strength of several noted free market scholars buying into a ‘movement’ blog instead of an institution-specific one. A thank you at this reflective time goes to Ken Green (AEI), Marlo Lewis (CEI), and Jerry Taylor (Cato), in particular.

MasterResource views stand at 1.1 million. While not a megablog, ours is a high-quality contribution to the current energy debate–and a resource for the historical record (our extensive index categories number 380).

We have published approximately 914 posts from approximately 115 authors. Some are widely published; others are talented amateurs who have chosen to do what the ‘experts’ choose not to do: uncover the problems of politically correct energies. Comments from our loyal, sophisticated readership add substance to many of the in-depth posts.…