Why Alternative Energy Will Never "Pencil Out"


Advocates of a smooth transition away from petroleum may be surprised by the consequences of huge swings in the cost of oil.

I first proposed a "head-fake" in the price of oil in 2008. My thesis was that the oil exporting nations had become so dependent on revenues from oil that even as prices plummeted in global recession, they would have no choice financially and politically to pumping every barrel they could. This would increase supply

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