The Greening of the Planet

Cheap Oil, Good Times

Everyone has been agog over the rapid fall in oil prices.  No-one is quite sure when the bottom of the price barrel will be scraped.  Despite the Greenists dire predictions of  looming "peak oil" to hit in 2010, 11, 12, 13, 14 . . . and counting . . . which would have allegedly spelled the end of plentiful oil supplies, leading to rapidly ratcheting oil prices and economic doom, the opposite has happened.  (The Greenists, of course, trumpeted peak oil as an ideological rallying cry to force governments into investing other people's money in "alternative energy".  They were never interested in telling the truth about oil supplies.)

Now the world is awash with cheap oil.  You can draw a bath of the stuff, if you wish, and it will only set you back a nickel.  What is going on?