“Diminishing returns are opposed by increasing knowledge, both of the earth’s crust and of methods of extraction and use. The price of oil, like that of any mineral, is the uncertain fluctuating result of the conflict.”
– M. A. Adelman, quoted in Michael Lynch, “Morris A. Adelman, Petroleum Economist, Has Passed Away,” Forbes, May 9, 2014.
A giant of petroleum economics, MIT economist Morry Adelman, died last week at the age of 96. (A short mention in the Boston Globe is here.)
Unlike the Malthusians and peak-oilers in particular, Adelman kept his eye on marginal costs and institutions (resource ownership, government policy) to understand that oil was not a fixed, depleting asset but, at least potentially, a super-abundant, expanding one. To grow and thrive, petroleum needed market incentives just like plants need water to grow and thrive.…
Continue Reading“This is not sober, balanced science; it is ObamaScience for open-ended government planning.”
Despite uncooperative data regarding global warming (in a 15+ year ‘pause’), hurricanes, and tornadoes; despite the failure of climate models to predict and thus explain; despite the inability of the same models to attribute regionally; and despite the well-known benefits of carbon dioxide fertilization and moderately warmer/wetter climate scenarios, Obama and the Malthusian Left (including many cooperating scientists) soldier on.
But it will not be easy. The all-in effort to stretch climate science beyond the normal peer-review literature (John Holdren got his wish) may well backfire. Good science drives out bad, and the public is already alerted to the politicization of climate science and the nefarious agenda of “saving the planet.”
A Wall Street Journal article, “Obama Climate Push Faces a Lukewarm Public,” explained the climate conundrum.…
Continue Reading“At the risk of sounding harsh, these gestures [by the American Bird Conservancy et al.] seem little more than the war’s defeated negotiating terms of surrender when, in reality, the industrial wind profiteers should be made to justify their existence. With tens of thousands of turbines placed in the U.S. and easily hundreds of thousands more to be placed until the business falls under its own weight, the onus is on industrial wind to prove its worth.”
Under the banner of the American Bird Conservancy (ABC), approximately seventy organizations have requested that Interior Secretary Sally Jewell “develop a Programmatic Wind Environmental Impact Statement to identify appropriate areas for wind energy development as well as areas where new projects should be avoided to conserve wildlife and sensitive habitats.”
The letter refers to studies which “have documented significant losses of birds and bats, including threatened, endangered and other protected species (an estimated 573,000 birds and 888,000 bats annually at 2012 build-out levels).…
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