The Peak Oil Myth: Are The Middle East Oil Fiefdoms Starting Their Economic Collapse?
Middle East stock markets experience mini crash. Much more downside, a complete implosion, to likely come in coming months and years. The Middle East is a shithole of corruption, economic tyranny and feudalism that subjugates mass populations to titled predators. I wrote these bubbles would collapsing leading into the 2008 crash and they did. That was just the beginning.
Privately, Saudis are okay with $80 to $90 a barrel oil for a year or two. How about $10 oil?
Saudis avoid 1980s mistake in supply glut. Yeah, right. OPEC is the poster child for an incompetent, crony oligarchy. The Saudi royal thugs are sitting on a ticking time bomb. They and others in the region have outsourced their monetary policy to the Federal Reserve by pegging their currencies to the dollar. Their resultant economic bubbles are massive and ripe for collapse.
One of the themes written of on here over and over in the last nine years is that peak oil is a myth. There is no reliable evidence this is the peak in oil reserves or production or more broadly a peak in the availability of carbon-based energy. In fact, there is no evidence we will ever see a peak in carbon-based energy. Why is it that one may consider this to be a moment of peak oil? Because someone told you. And that someone, generally financial interests, have many conflicts of interest. People simply accept it because they accept others having authority over their own emotional freedom. And these exploiters, users and takers use that authority to manipulate, terrorize, deceive and exploit humanity. That’s what the state and its manifestations of authority eventually always do.
Some of the largest oil fields in history have been discovered since the prattling of peak oil. That includes the very recent discovery in the Russian Artic region discovered by Exxon Mobil that may be the size of the Gulf of Mexico. Humanity has discovered more new oil than all that was hypothesized to exist when Hubbert came up with his theory. In fact, without going back and looking, I recall that we have many times more oil than Hubbert ever considered. Now, that doesn’t mean we will not reach peak oil some day. Or that the theory is completely invalid. The theory essentially is based on the waning production curve of existing oil fields. But, those oil fields are shallow fields. While the mainstream mocks the possibility of abiotic oil, the process has actually been recreated under deep earth conditions in the lab. So, while the world laughs at such a possibility, again through their perceptions of intellectual superiority, we may yet find out that deep oil comes from other sustainable earth processes rather than organic matter. This certainly has been proven with another carbon-based energy, abiotic methane, throughout the solar system. That includes being proven here on earth.
But, when the entire world believes something about the external or physical world, and it has simply been postulated as a theory rather than ever being proven, it is likely to be a social movement. Social movements are contrivances as we are now finding out about human-caused global warming. Never in the history of humanity has the social mob provided the answers to science and human fate. That isn’t going to start today. It is more likely, as noted on here in past posts, that we will not leave the carbon age because we have tapped the world of all of its carbon resources. We didn’t leave the stone age because we ran out of stones.
The United States has more than one thousand years of carbon-based energy reserves. Now, mining and extracting those reserves may be dirty and environmentally-damaging but that’s a separate issue. And, if one actually appreciates how much overproduction and overconsumption there is in this world, a world created by a corporate capitalist virus, and how much wasted energy there is by corporate capitalism and the state, one appreciates that sustainable energy consumption could easily fall by half or more if this system completely unwinds. In fact, it could fall by far more than that. Less than 15% of all corporate activity in this nation actually produces any wealth. If we would rid ourselves of useless activities of corporate capitalism that serve no benefit other than pilfering and exploitation by class and hierarchy, or if this is the end cycle of corporate capitalism, we could have energy reserves lasting thousands of years and sustainable energy demand that is a small fraction of that which exists today. Add in the massive reduction of energy demand created by the end of globalization, and this is certainly coming, and the extended, massively energy-inefficient corporate supply chains that globalization creates, another source of a massive carbon energy glut appears. All talked about on here over the years.
If all of this slack is removed from the global economic system, and what we use is what we actually need rather than what the system demands, the future of energy consumption is going to change radically. Regardless, none of this takes into account any new technologies or discoveries that will happen in the next one hundred or one thousand years. Including esoteric topics like cold fusion or a resurgence of new electrical energy research into much of what has been forgotten or pushed aside in the last 80-odd years.
The system as it is constructed pushes back on new technology, new innovations and solutions that are for the betterment of humanity. The energy excesses and waste are incredible. And the lack of monetization of new forms of energy production are endlessly stifled. That includes a distributed grid serving local communities. A distributed grid would allow local communities to embrace technologies unique to their ecosystem and uniqueness of local natural resources.
One of the obvious reasons perpetuated for the myth of peak oil a cover-up for the massive corruption, fraud and manipulation of the energy markets by Wall Street, financial firms around the world and states including Russia, Saudi Arabia, etc. The deregulation of energy has led to a massive, exponential financial involvement in energy markets unlike anything the world has ever seen. The price of energy is manipulated today using the exact same fraudulent tactics that Enron used under Clinton. Something I have written on here ad nauseam. State regulators, energy producers and distributors all actually believed that California, as an example, was experiencing energy shortages. In actuality this was all an illusion managed through perceptual manipulation that Enron controlled with the help of Wall Street and lax (compliant)government oversight. Oh, and don’t kid yourself when liberals blame Bush for Enron. Bush was a horrible president but it was Clinton who deregulated energy markets. And it was Clinton-Gore that created Enron. I have discussed in detail how energy has been manipulated in past posts. There is absolutely no doubt of this truth regardless of whatever “investigations” Congress or regulators have undertaken that have come up empty. They have come up empty because the fox is guarding the henhouse.
We have a larger glut of oil today than when it was $10 a barrel back in 1998. One day this illusory bubble of energy manipulation will pop. The future void of this manipulation will impact energy producers, consumers, distributors and the energy markets themselves. The reverberations will be felt globally. It is one of the outcomes I have noted over the years will likely create the collapse dynamics of feudal Arabian oil fiefdoms in the Middle East. The bribery of populations with dirty petroleum money has created tyrannical welfare states throughout the Middle East that subjugates humanity to feudal oil empires. The collapse of the price of oil will only hasten the collapse of caliphate-controlled and mass subjugated populations of peoples in the Middle East.
If Middle Eastern stock markets are responding so negatively today, what can we expect if oil prices collapse? As noted on here many times, oil could easily retest the 1998 lows of about $10 a barrel.