Much Ado about Nothing

Much Ado about Nothing — Whither the Caspian Riches?

Over the Last 24 Months Hoped For Caspian Oil Bonanza Has Vanished .. With Each New Well Drilled — Global Implications Are Frightening

by Dale Allen Pfeiffer, FTW Contributing Editor for Energy

[Ed. Note: The unfolding drama since 9-11-01 has been closely paralleled by another, perhaps more threatening one. Evolving more quietly, unmentioned and ignored by the major media, is a coming hydrocarbon energy crisis of civilization-threatening significance. Peak oil production is a reality, and it is happening now. What was once heralded as an oil bonanza in Central Asia — and given life by ludicrous economic and political assertions insisting that demand always creates supply — has proven itself to be an enormous bust. As Caspian reserve estimates have been continually revised lower — from 200 billion barrels, to 100 billion barrels, to around 20 billion barrels — the world has witnessed a dramatic shift in U.S. foreign policy toward belligerent and unilateral doctrines aimed at Iraq and Saudi Arabia. In the meantime, both politicians and economists perpetuate a dangerous fallacy which says that if you lock scientists up in a bank vault and give them enough money and enough demand, they can produce a hot dog with mustard and relish.

And conversion to hydrogen energy, as promoted by the Department of Energy, is an impractical myth; a palliative meant to calm fears rather than solve problems. Not until technolgies are made available which manufacture hydrogen at the point of use will hydrogen technolgies present even a viable partial solution for the critical challenges posed by peak oil.

As FTW has said for more than a year, the “war which will not end in our lifetimes” is proving itself to be a sequential war to control the last remaining oil reserves on the planet, especially those which have not yet peaked. – MCR]

Dec. 5, 2002, 16:00 PST (FTW) — What ever happened to all the talk of a new oil
utopia in the Caspian Sea and Central Asia? Word was that Caspian-Central Asian oil reserves would dwarf the Middle East.

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