Monday, November 28, 2011

we have plenty of oil?

It's funny how memes ebb and flow in pop culture. Just a couple years ago, it seemed like the popular idea that you constantly saw in the news and popular discourse is how the world is running out of oil. Which is why I was surprised by the recent spate of stories (e.g. this one in npr) about how due to recent fracking technology, the US and also the world has plenty of oil. These technologies aren't new, they've been around for a long time, and I've been pushing back against the peak oil chicken littles as long as I've been studying oil markets (since 2006 or so). I suppose it just reflects the price of oil, which mostly has been moving based on global gdp growth rather than actual oil trends. Which is sad because you'd hope that media coverage should be based on facts as opposed to just popular psychology. Which I guess is why I've been studying media coverage trends as well.
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