Oil Prices Fall (again)

Great news! Oil production is up, and the cost of oil is down. So everyone can feel better as they pay less to fill their gas tank. It’s the free market solution to every crisis: produce more, so you can sell more, so you can make more money. It doesn’t really matter if this behavior is completely insane. Because greed is what fuels this global economic engine. Koyaanisqatsi. If you ran across an animal in the wild that was ruining its nest and poisoning its offspring, what would you conclude? That there was something wrong with the animal. This animal has understood the idea of Peak Oil for over 50 years and that a non-renewable resource will eventually run out. It knows exactly what happens when fossil fuels are burned. It knows what toxic byproducts are created by the process.

 

And yet.

 

Good news! The cost of oil is in decline.

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