Tuesday, February 21, 2012

A Simple Story

One way to know if we have a funcitional media is whether a simple, important story has been told accurately. One of the simplest, and most important, is the oil industry since 2006.

The basic fact is that 5 years ago the US imported 12 million barrels a day of oil & oil products. Since then, we've cut consumption by 2.5 million barrels a day, increased oil taken from the ground by .5, and added in another million barrels a day of other liquid fuels to reduce net impors to 8 million barrels a day. Simple, successful, & never reported.

Instead we get 3 contradictory and ridiculous versions:

1) Obama has prevented the US from exploiting our abundant resources.

Rubbish, we have actually increased prodution & are drilling like crazy.

2) We have achieved energy independence!

Rubbish, we still import 8 million barrels a day.

3) Technology will solve all our energy problems.

This is a wish, not something that any sane person should write.

Thanks to higher gas prices, and maybe a bit to cash to clunkers, miles driven are down slightly and fleet MPG has finally risen;

After all this, why don't we have cheap oil? Well, actually we do. WTI, the most quoted US oil price, is about $15 below the world market price.

Even Barbie has downsized.

But all we get is noise. The more important story, is that we have to do it again in the next 5 years.

The first time took $3 gasoline & a minor depression. What will the next take?

We are so screwed.

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