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Thinking the Unthinkable; The End of Oil:

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Message Mike Folkerth

Running out of oil is a terrible thought that I’m thinkin’ few have ever thought. Am I correct? One of those TV lawyers that offer to fight for your rights may influence manmade law, but they don’t have much influence on the “big guy” when it comes to universal law.

 

I know what some of you are thinking… “Technology will come up with a new fuel, so why worry?” We don’t pave roads and make plastic with technology, we pave roads and make plastic with oil. Technology is simply a tool to make things work better, not a substitute for natural resources. “Well Bill, we’re out of concrete, what say we pour this floor with technology?”

 

The American geophysicist, Marion King Hubbert had this to say, “We are not in the position we were in 1929-30 with regard to the future. Then the physical system was ready to roll. This time it’s not. We are in a crisis in the evolution of human society. It’s unique to both human and geologic history. It has never happened before and it can’t possibly happen again. You can only use oil once.”

On June 4th, 1974 Hubbert testified before Representative Morris K. Udall’s Subcommittee on the Environment. He stated “during the last two centuries of unbroken industrial growth we have evolved what amounts to an exponential-growth culture. Our institutions, our legal system, our financial system, and our most cherished folkways and beliefs are all based upon the premise of continuing growth, Since physical and biological constraints make it impossible to continue such rates of growth indefinitely, it is inevitable that with the slowing down in the rates of physical growth cultural adjustments must be made.”

So what did Morris K. Udall have to say? ,–”this inflation that we are all so concerned about now may not necessarily be mismanagement of the economy or some temporary problems necessarily, but may be built into this whole problem of exponential growth in terms of the population and use of resources, and so on. Is that what you are saying?”

And the good Dr. Hubbert answered, “It has been going on, the record is unequivocal, since 1910, disregarding the disturbance of World War I.”

So….Congress admittedly knew we had a problem in 1974? Coining the phrase from the good Dr. Hubbert, “the record is unequivocal.”

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Mike Folkerth is the author of "The Biggest Lie Ever Believed" and is not your run-of-the-mill author of finance and economics. The former real estate broker, developer, private real estate fund manager, auctioneer, Alaskan bush pilot, (more...)
 
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