There is a perverse and ongoing insistence that vital resources are (or will) run out leaving humanity in a bad situation. In reality, the dynamics of free markets and technological progress consistently prove these claims false. The current example for your attention: Peak Oil.
by Rakteem Katakey, BloomburgBusiness
The U.S. has taken Russia’s crown as the biggest oil and natural-gas producer in a demonstration of the seismic shifts in the world energy landscape emanating from America’s shale fields.
U.S. oil production rose to a record last year, gaining 1.6 million barrels a day, according to BP Plc’s Statistical Review of World Energy released on Wednesday. Gas output also climbed, putting America ahead of Russia as a producer of the hydrocarbons combined.
The data showing the U.S.’s emergence as the top driller confirms a trend that’s helped the world’s largest economy reduce imports, caused a slump in global energy prices and shifted the country’s foreign policy priorities.
Frack the neo-Malthusians.