The Oil Drum

Flop???

Forget about the spurious topic of global warming for one moment.

Watch this video and tell me exactly where M King Hubbert was wrong and why you think President Carter was pulling our chain?

http://www.youtube.com/watch?v=ImV1voi41YY

If you listen carefully he stated that the peak of conventional crude production would occur in 1995, BUT HOLD ON ONE SECOND PLEASE: Because "...It appears OPEC was curtailing their production - that would push the peak back by 10 years..."
That was not a lucky guess, and infact, it was a calculation based on hard data that turned out to be correct to the exact year.

The peak of conventional crude did infact occur in the year 2005.
Correct me if I'm wrong but 10 years added to 1995 would put us at the year 2005. Right?

Do not confuse NGL's with Conventional oil.
Again I say - CONVENTIONAL CRUDE peaked GLOBALLY in 2005.
Hubbert made that calculation in 1976 at the beginning of Carters term as President.
I do not ever recall a speach by Carter in which he stated we would reach the peak of oil extraction globally in the mid 80's.

However, M K Hubbert was spot on with his calculations and gave us invaluable information on the crisis that was occurring.
There may be a plethora of answers to the crisis - and not everyone will agree on exactly what should be done to alleviate this unprecedented threat to civilization - but the warning was clearly given.

It should be quite obvious to most that President Carter was well aware of the global energy situation by having access to data that is not readily available to the general public; and he was well aware of the work of M King Hubbert.
Mr. Carter was absolutely correct in stating we were in a crisis as early as the 70's.
But of course, in the financial world, 'Cassandra' will always be the whipping boy and Reaganomics came along to save the day. - Until now.

Forgive my crudity.....Cassandra is about to kick the financial world's ass.