Not that he wants to, ahem, rub it in or anything, but editor Patrick Cox feels obliged to remind all the “panicked merchants of Peak Oil” about how wrong they were – and how right was his prediction that “market pricing mechanisms” would solve our energy supply problems.
Today, of course, North America is emerging as the “greatest producer” of fossil fuels in the world, with years of reserves that count in the hundreds. And beyond that, technological development will have reached the point where “true alternative power” will be the norm.
For now, new extraction technologies like horizontal drilling and hydraulic “fracking” have created the potential to tap into “vast reserves” of previously-inaccessible oil and natural gas. In the process, adds Mr. Cox, America has become the least expensive place in the world to produce commodity chemicals. So, is there a lesson somewhere in all of this? Mr. Cox draws a parallel with the “normal human psychology” of an aging society and the pessimism that, somehow, the “best days” of the human race are behind us.
But history, he reminds us, “refutes the notion that despite the incredible acceleration of scientific innovation, progress will end and humanity will slip backward.”
If you have any doubts about Mr. Cox’ sunny optimism, he offers up another potential “I told you so” prediction: the “truly remarkable” biotech revolution. How would all those depressed pessimists feel, he wonders, if they knew that “healthy life spans have already started increasing dramatically.”
Sadly, he concludes, there will always be those convinced that “the best is behind us.”
Forward-thinking investors, however, who see a “much better future” ahead will be “vindicated in the best possible way” – with profits.
Tomorrow in Review,
c/o Agora Financial,
808 Saint Paul St.,
Baltimore, MD 21202; (800)-708-1020