The Oil Drum | DrumBeat: January 22, 2007

223 comments on DrumBeat: January 22, 2007

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westexas on January 22, 2007 - 1:09pm

In the absence of policy changes, the only thing we can do on a personal level is to prepare as best we can. A copy of my post over on the "Chinese Finger Trap" thread:

High quality and abundant oil has obfuscated the difference between wants and needs.

I have read, it seems reasonable, that the majority of Americans live off the discretionary income of other Americans. Author Thom Hartmann addressed this in his book, "The last hours of ancient sunlight."

Hartmann described a software company that he used to consult for years ago. First visit: two or three people. Second visit: several more people, after another round of financing, bigger offices. Third visit: dozens of people, after another round of financing, very nice offices. Fourth visit: empty offices, they ran out of money, without ever delivering a product.

The point is that the majority of our economy is largely an illusion, albeit an illusion that consumes vast quantities of energy. Instead of gong to Vegas, you could just mail them a check for $5,000, and it would have the same economic impact.

We are facing a relentless transformation of the US economy--from one focused on providing "wants" to one focused on providing "needs."

Basically my ELP recommendations can be reduced to: Cut thy spending and get thee to the non-discretionary side of the economy.

As I have said about a 1,000 times, if I am wrong, so what?

You will have a lower stress way of life, less debt, and more money in the bank.

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bruce from chicago on January 22, 2007 - 1:42pm

Westexas, I've come to the same conclusion a couple of years ago about cutting back. I've sold my apartment building in a rapidly appreciating area in Chicago - which is now slowing down, cut back on my hours at work , and bought a ten acre farmette two hundred miles south of the city. I've always wanted a small farm as I'm a life long gardener and avid outdoorsman. I’m a cabinetmaker/carpenter so I have skills that are very useful in a less energy intensive society. As luck would have it I might have oil on my property. The geologists were out Saturday placing orange flags where they are going to take seismic readings later this month.

Bruce from Chicago

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Kalpa on January 23, 2007 - 12:46am

Please keep us updated on your most remarkable, entertaining, and unbelievable story. When you first posted about that "knock on the door" I ROFL! So much for independent living in a pristine area that is away-from-it-all! Are you hoping they 1-find it, or 2-don't find it???

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bruce from chicago on January 23, 2007 - 10:36am

I have conflicted feelings about the possibility of having oil on my land. I purchased my land after a year long search for property that was isolated, suitable for farming, and within reasonable driving distance to Chicago. I knew within two minutes of viewing the parcel that this was the one. Last week a UPS delivery man commented that I was in the middle of “God’s country”. It is gorgeous and I would hate to see it ruined by oil exploration. My research into modern drilling practices, however, indicate that the footprint of modern wells is not as invasive as it once was. Every one of my neighbors, except for the retired engineering professor who has 100+ acres of dense woodland next to my plot, appear to have given permission for seismic testing on their land. I’m hoping that if oil is found that any infrastructure would be placed on adjacent properties rather than mine.

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SwimRunBike on January 22, 2007 - 5:04pm

"As I have said about a 1,000 times, if I am wrong, so what?"

Pascal's Wager in the real world.

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Catskill on January 22, 2007 - 6:34pm

Today there was apparently a big meeting of the minds in NYC regarding Manhattan's declining role in the world of high finance... Senator Schumer, Gov. Spitzer and Mayor Bloomberg were discussing how NYC could regain some of what it has lost the past few years, with Schumer lamenting the fact that if current trends continue, NYC will fall from the title of global financial center to merely just another "regional" center.

I just caught a quick report on this via the radio but the thing that struck me was when the reporter noted that the financial world accounts for $60 billion and 1 of every 9 jobs in NYC. I'd say that's roughly one million jobs in the NY metro area that involve moving alot of money around but produce nothing.

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DelusionaL on January 22, 2007 - 9:38pm

WT writes

"Instead of going to Vegas, you could just mail them a check for $5,000, and it would have the same economic impact."

LOL...

For those of you on a budget - open your car window, throw out a quarter and pull the gear shift lever.

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neutrino23 on January 23, 2007 - 3:12am

I think that was an unfair anecdote. I don't know about that particular company but it is the nature of the business that most start ups fail some last for quite a while and once in a great while you get a spectacular winner like Google or Amazon.

There is so much churn in our economy it is difficult to get a real handle on it. So many products last just a few years (floppy disks) then disappear to be replaced by something else. Coffee shops and quick oil change businesses came out of nowhere.

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