F. William Engdahl, journal-neo.org
October 9, 2015
ACS Editor Comment:
For several years I myself was a “peakist”, after reading Michael Ruppert’s book Crossing the Rubicon. Fortunately I decided to revisit the topic and discovered that Ruppert and many others were victims of a very extensive and successful propaganda campaign – science for hire, so to speak. See The Peak Oil Theory Story. Unfortunately, the CO2 climate change theory is another example of science for hire that is being funded and promoted by those who want to install a one world government. Both falsehoods are exposed in John Truman Wolf’s wonderful short but concise exposé The Anatomy of a Con Job.
There are two great myths used in recent years to convince the world of imminent catastrophe unless we drastically change our living style in the direction of austerity. Both myths are based on scientific fraud and uncritical propagation by sympathetic mainstream and even some alternative media. One is the idea that world climate is warming, or at least “changing,” owing almost solely to us, to our man-made emissions. The second great myth, launched first in 1956 in Houston Texas by an employee of one of the world’s largest oil companies, was dusted off some 15 years ago at the start of the Dick Cheney-George W. Bush Administration. It’s called the theory of Peak Oil.
The good news is our coastal cities are not about to be washed away by melting icebergs or rising oceans, nor is our supply of conventional oil and gas–hydrocarbons–likely to run out for centuries or more. It has nothing to do with the highly damaging and very costly extraction of tight oil from shale rocks, but with the abundance of conventional oil around the world, the vast part of which has yet to be discovered or even mapped.
The most dramatic discoveries of new oil and gas reserves in recent years has come from the Mediterranean in areas off Cyprus, Israel, Lebanon and believed to be offshore Greece as well. In 2010 Israel and the Houston, Texas company, Noble Energy, discovered the largest offshore gas field, Leviathan. It was the world’s largest gas discovery in a decade, with enough gas to serve Israel for at least a century. The geophysics of the offshore areas around Greece suggest that that hapless country could also have more than enough undiscovered oil and gas to repay all foreign debt and more. Not surprisingly the Washington-led IMF demands that Greece privatize her state oil and gas companies, a near certainty that major Western oil firms would sit on their development as was done in past decades until leases expired in 2004 and reverted back to the Greek Government.