Over the past couple of years, numerous environmental experts have been decrying the end of the world’s oil supply. Articles such as “The End of Cheap Oil” and “Dry Future” have appeared in respected publications like Scientific American and New Scientist. But as noted by Ronald Bailey of the Reason Public Policy Institute, such slick alarmism about oil is void of substance.  This is because, according to the U.S. Geological Survey, we have nearly 4 trillion barrels of conventional oil supplies left – or enough to last us at least 90 years.  And when you consider the fact that historically, prices start to rise when a commodity gets more scarce, and substitutes become more affordable, it seems this oil scare is drilling up empty.

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