Archive for the ‘Peak Oil Theory’ Category

I Lost an Argument with Michele Bachmann

January 14, 2015

Gas Tax

I always find it hard to admit I was wrong about something. Back in October of 2011, I posted an article titled Alexander Cockburn Gets Peak Oil Theory Wrong. In it, I took a potshot at Michele Bachmann:

    That’s why it’s delusional for Michele Bachmann to claim that she can bring back $2 a gallon gasoline by allowing more oil drilling. Barring a total collapse of the world economy, we will probably never see $2 a gallon gasoline again.

In many parts of the US, the price of gasoline is now less that $2 a gallon. In my defense, let me say that I used the word “probably” in my assertion. I never claimed to be Nostradamus. Besides, it wasn’t more oil drilling in the US that brought about the drop in prices, but the fact that Saudi Arabia has maintained its oil production at the same level during a world-wide economic slowdown. What is more, low gasoline prices mean less economic incentive for off-shore oil drilling. So, Bachmann’s dream of turning America’s coastal waters into dead zones has been frustrated.

For now, anyway.