by AL Whitney (C) copyright 2010 All Rights Reserved
In 2008, after doing additional research, I realized that the peak oil theory had huge flaws. It relies on the following five “myths”:
Myth #1. Oil is a fossil fuel and as such is a “finite” resource
Western science has bought into and taught the fossil fuel myth regarding petroleum for many many years. Researcher/author William Engdahl wrote: ” . . . Western geologists do not bother to offer hard scientific proof of fossil origins. They merely assert it as a holy truth. The Russians have produced volumes of scientific papers, most in Russian. The dominant Western journals have no interest in publishing such a revolutionary view. Careers, entire academic professions are at stake after all.” [As is the sale of many books.]
In an interview Colonial Fletcher Prouty, former government insider, explained the events surrounding the decision to categorize oil as an organic substance (fossil fuel). He points out that it was deceptively made at a world scientific conference in Geneva back in the 1892 as a result of pressure exerted by scientists employed by oil magnate John D. Rockefeller. They have never found a fossil below 16,000 feet and today oil is frequently mined at depths of 30,000 feet. This fallacy was cemented into “fact” in the early 70′s during the “energy crisis” when globalists John Rockefeller IV and Henry Kissinger convinced top U.S. government officials that a “world price” needed to be established for the “finite resource” – oil.
Here is Col Prouty’s 8 minute interview:
Modern petroleum science has disproven the ‘oil comes from fossils theory’ many years ago. As Dr J F Kenny revealed in this interview on NPR, it was never more than a theory anyway. But, because the industry still enjoys a Depletion Allowance, and the US ‘government’ under the Nixon administration created the Petrodollar, modern petroleum science has been suppressed. Legitimate critics of geologist M K Hubbert’s oil peak bell curve have also been marginalized and even ignored.
Myth #2. Government reported supply/production figures are relatively accurate and reliable
Many have long recognized that US government statistics are managed/manipulated for political reasons; therefore their accuracy is suspect. A few examples:
- Economic – cost of living and unemployment figures are manipulated and/or misrepresented (http://www.shadowstats.com/)
- Flu statistics – number of deaths each year are grossly exaggerated and CDC H1N1 statistics have been proven bogus (http://www.youtube.com/watch?v=zcHdmnTbH9Q&feature=player_embedded)
- Inaccuracy of NASA global temperature figures (http://www.theregister.co.uk/2008/06/05/goddard_nasa_thermometer/)
Few peak oil proponents wish to acknowledge that all government agencies are political. The head of these agencies are carefully selected by the Executive Branch and report directly to the President. If his political agenda isn’t carried out, the director of the agency is removed and replaced. Hence we don’t get ‘real science’ from government agencies, we get ‘political science’.
Myth #3. The market price for oil is a legitimate indicator of oil supply and demand
The market manipulation by the unholy alliance between the oil industry, Wall Street and our government was brilliantly exposed by author James Norman in his book, The Oil Card. Mr. Norman, who also exposed Enron’s stock market manipulation, used his expertise to research COMEX/NYMEX and the oil market. He discovered the same dishonest practices used by the Enron folks have been replicated to manipulate the price of a barrel of oil – for political reasons.
Myth #4. Exploration and discoveries have slowed or stopped because there is no more oil to find
While Dr. Colin Campbell reports that there have been few oil discoveries since the 60s, he neglects to mention that the industry actually capped off massive oil discoveries in Alaska. Author Lindsey Williams exposed the discovery (and capping) of the massive Gull Island oil fields in his book The Energy Non-Crisis. This fact was verified by former Senator of Colorado, Hugh Chance. It is only one example of supply destruction that has occurred to control oil availability and price for this “scarce” resource – for which the oil cartel gets a depletion allowance. Additionally, few – if any – academics understand the corporate tax structure behind the “oil depletion allowance“.
Also, many ‘peakists’ don’t bother to mention the Bakken oil field discovery in the Western United States that is taking off like a shot.
Myth #5. Corruption has little impact on the “oil market”
Many books have been written on this topic, such as: The Oil Card (stock market manipulation), The Energy Non Crisis (intentional limitation of oil supplies), and See No Evil (corrupt CIA/oil company alliance). Perhaps the most important exposé on corruption in the oil industry is Gary Allen’s The Rockefeller File. The Rockefeller family has done more to control and corrupt the oil industry than any other force and Mr. Allen offers enough documentation to indict them. Unfortunately our current justice system seems to be non-functioning regarding powerful families and corporate crimes.