What we're seeing is a sea change in elite thinking on the future availability and attractiveness of fossil fuels. There are good reasons to be deeply skeptical of such claims, but that hardly matters when they are gaining traction in Washington and on Wall Street.
Whenever I bring up the importance of getting America the energy plan it deserves, someone always says, "Boone, let's not pick winners and losers. Let's let the market decide." There's only problem with that statement.
The market fails at giving a timely signal to prepare for "peak oil." Given that we can't invest trillions on the basis of mere speculation, where are we going to get the data on the basis of which to prepare in time?