“Today’s reserve and resource estimates should be considered a minimum, not a maximum. By the end of the forecast period, reserves could be the same or higher depending on technological developments, capital availability, public policies, and commodity price levels.”

“The implication for business decision-making and public-policy analysis is that ‘depletable’ is not an operative concept for the world oil market, as it might be for an individual well, field, or geographical section…. [T]he concept of a nonrenewable resource is a heuristic, pedagogical device—an ideal type—not a principle that entrepreneurs can turn into profits and government officials can parlay into enlightened intervention.”

This essay, published by the Foundation for Economic Education (FEE) in the November 1999 issue of The Freeman, was subtitled, “Today’s Reserve and Resource Estimates Should Be Considered a Minimum.”…

“… new mileage standards will raise vehicle prices and may force the adoption of electric cars. But there is no evidence that the regulations will have a measurable effect on global temperatures.”

“[US EPA] Administrator Scott Pruitt launched a review of the strict mileage regulations from the Obama Administration. It’s long past time for a roll-back of obsolete US vehicle mileage regulations.”

Regulations to reduce fuel consumption and to increase vehicle mileage were born during the oil shock of the 1970s. But within the last decade, the fracking revolution reestablished the United States as the world’s energy superpower.

Are vehicle mileage standards now obsolete?

In October 1973, the Organization of Petroleum Exporting Countries (OPEC) declared an oil embargo, targeting the United States and other nations. Within six months, the world price of petroleum quadrupled, from $3 to $12 per barrel.…

“I switched from defense policy to petroleum economics and forecasting because the latter produced a track record that could be judged. And my track record is quite good over the four decades, especially where I have done intensive, data-driven research (as opposed to short-term oil price forecasts, where my record is more mixed).”

“Trying to convince governments, especially oil producing governments, not to expect ever-higher revenues from rising prices has been somewhere close to impossible. Although some officials might want to restrain their fellows, the politicians usually convinced themselves that the goose would never stop laying golden eggs in ever-increasing numbers.”

Q. First, congratulations on the publication of your new book, The “Peak Oil” Scare and the Coming Oil Flood (Praeger). It is a tome, a real takedown, of the fixity-depletion view of petroleum and the activist movement behind it.…

The Alliance for Wise Energy Decisions (AWED) is an informal coalition of individuals and organizations interested in improving national, state, and local energy and environmental policies. Our premise is that technical matters like these should be addressed by using Real Science (please consult WiseEnergy.org for more information).

A key element of AWED’s efforts is public education. Towards that end, every three weeks we put together a newsletter to balance what is found in the mainstream media about energy and the environment. We appreciate MasterResource for their assistance in publishing this information.

Some of the more important articles in this issue are:

Wind Energy is an Attack on Rural America

As Wind Grows, So Does Its Opposition

Five Key Reasons to Pull the Plug on Wind Subsidies

Proposed US Carbon Tax — A Recipe for Disaster

The War on Affordable Electricity

Science Deniers in the Wind Industry

Short video: Poison Wind

How Would Oklahoma’s Anti-Wind Tax Affect The State’s Industry?…