Energy mythology and its reality

Energy security, climate change, peak oil and industry profits are hot topics and the subject of popular myths.

Leading the list of popular mythology is the recent film “Syriana,” which, according to BP CEO Lord John Browne, may have earned Oscar nominations but wouldn’t earn a nomination for absolute truth.

Speaking Feb. 15 at International Petroleum Week in London, Browne said the film is entertaining fiction and will shape what some people think about the oil industry, but it only serves to add to the mythology “the cloud of misunderstanding” through which the public and political leaders see the industry. Unfortunately, the film is only one of several myths about the industry that, while not as dramatic, can be just as damaging since they are taken too seriously by too many people.

The first myth is a popular belief that oil prices are the result of a conscious choice by the industry. This myth suggests that companies do not invest sufficiently to meet the growing demands of the world, but instead extract huge windfall profits and exploit a vulnerable consumer.

Farmington Daily News (New Mexico)