A Function of Price and Technology

By Byron King

On March 5, 2007, The New York Timespublished an article entitled “Oil Innovations Pump New Life Into Old Wells,” by Times correspondent Jad Mouawad.

As is the case with much of what gets published in The New York Times, some of the information in the article is true. But then again, to the well-trained and highly polished Peak Oil mind, the article has a lot of disinformation in it about what is the long-term state of the oil patch. In a not-so-subtle manner, the Times article appears to diminish the credibility of the Peak Oil argument.
Specifically, the Times article focuses on allaying any Manhattanite fears of future scarcity of conventional oil by suggesting that “new technology” will locate and extract immense volumes of oil with which mankind will, to all intents and purposes, power its way into a brighter future. It is as if we can now all kick back, pop a beer, wipe the sweat from our collective brow, and say, “Whew, we dodged that Peak Oil bullet.”

Oh yeah? Not so fast, pilgrims. Let’s take another look at this “new technology” subject matter. And allow me to amplify some of the substance of what the Times is attempting to relate.

Whiskey and Gunpowder