IBD - Peak Oil: An Idea Whose Time Is Up

U.S. production is trending down again, but it’s not because there’s no oil. It’s due to shortsighted policies that prevent the industry from drilling for the almost 100 billion barrels of crude known to be under Alaska’s Arctic National Wildlife Refuge and beneath the oceans just off of America’s coasts. It’s because politics and political correctness block the development of Big Sky state oil shale fields, where as much as 2 trillion barrels of crude, by some estimates, sit idle.

It’s possible that rather than falling for the peak oil theory, investors simply are considering the reality that Congress has done nothing to increase crude output, and that continuing on that foolish path will indeed bring shortages.

Nero fiddles as Rome burns…….