Mark Hill has posted an article and said “This one for Graeme” or some such thing. And all it does is show that no matter how often we go over the same subject the Catallaxians are simply unable to understand the peak oil concept. Trying to instill any understanding into these dumb buggers heads is truly a Sisyphysian undertaking and I have not yet been successful in this matter. Mark Hill links an article that begins this way:
“There is more than twice as much oil in the ground as major producers say, according to a former industry adviser who claims there is widespread misunderstanding of the way proven reserves are calculated.
Although it is widely assumed that the world has reached a point where oil production has peaked ………”
It doesn’t matter how many times you go over it. Some people are sort of congenitally unable to understand that peak oil doesn’t say anything about reserves. And that its only about daily output. Peak oil is a supply and demand concept. And yet no-one at Catallaxy appears able to comprehend the concept except for Steve Edwards. We are not talking about a disagreement here. The problem is not that the Catallaxians don’t agree with the concept. I myself only agree with it in a limited sense.
The problem is they seem unable to UNDERSTAND the concept. Or if they manage a glimmer of understanding it isn’t going to hold as far as next Wednesday.
The author of the article may not be as much of an idiot as a Catallaxian. After all I haven’t gone over and over and over and over again, like 20 or 30 times, trying to explain this concept to the author of the article. But I have done this with Mark and the other Catallaxians. And they are simply too stupid to understand the concept. They keep on getting it confused with running out of oil. The peak oil concept has nothing to say about running out of oil. Except to the extent that the peak oil concept assumes that we will never run out of oil.
Pretty much all the economists in this country are idiots. Don’t doubt it.