The frenzy over ever-higher oil prices is approaching a bubble, and I bet it is time to consider shorting energy prices. New substitutes will start emerging, people will conserve more, and oil will no longer be king.
Here’s a summary from Slate’s Today’s Blogs (Monday, Aug 22, 2005)
Levitt gets plenty of cheers from peak-oil skeptics. "I think I probably agree with Levitt that the big effect of peak oil will be to simply cut the fat … out of oil consumption," writes Snarkmarket's Robin Sloan. "This will probably not involve roaming bands of petro-pirates in wind-powered gun-skiffs." At Reason's in-house blog Hit & Run, Jesse Walker commends Levitt's critique and compares peak oil hysteria to apocalyptic, Left Behind eschatology.
Not everybody pooh-poohs the article's alarmism. "[A]n excellent article. Well researched. Balanced. Thoughtful," praises Cultural Economist Ronald R. Cooke. "Bravo." At blip.tv's Pokkari Blog, Mike stakes out a middle ground. "I think the market is already correcting, and that the introduction of alternative fuel vehicles will only accelerate," he writes. "The electricity sector will compensate, too, and we'll end up using oil mostly for plastics."