January 06, 2015

Big Oil getting greedy with glut.

Why is it no surprise, especially with the GOP now controlling the US Senate as well as the House, for the American Petroleum Institute to roll out a laundry list of wishes?

Ending the ban on exports is no surprise; that one's been around a bit. But, killing renewable fuel standards and other things like rolling back new emissions requirements?

Sounds like Jack Gerard, the CEO of API, is admitting that there's an oil glut.

But, no, this doesn't mean that Peak Oil isn't true. It just means that shale fields like Bakken and Eagle Ford will peak in 2018 or something instead of 2016. And, that cities and counties and regions dependent on these and other fields will have a smaller dip now, and another, deeper one in about four years.

Were I Dear Leader, I'd offer Gerard a deal. We cut, but not eliminate, renewable fuel standards in exchange for him publicly backing an increase in the gas tax.

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