In his recent post “Goodbye GM” Michael Moore compared the current financial meltdown (the Great Recession, The Great Depression 2.0, or whatever you what to call it) to a war, and he pointed his finger at the bad guys.
“The other front in this war is being waged by the oil companies against you and me. They are committed to fleecing us whenever they can, and they have been reckless stewards of the finite amount of oil that is located under the surface of the earth. They know they are sucking it bone dry. And like the lumber tycoons of the early 20th century who didn't give a damn about future generations as they tore down every forest they could get their hands on, these oil barons are not telling the public what they know to be true -- that there are only a few more decades of useable oil on this planet. And as the end days of oil approach us, get ready for some very desperate people willing to kill and be killed just to get their hands on a gallon can of gasoline.”
As the former Vice-President of an oil company, I can say with authority that the characterization he paints of the oil barons deceiving the public about the amount of oil left on the planet is totally false.
As the oil prices started going through the roof, I responded to critics who were saying that it was all a ploy by oil companies with my article “Why are gas prices so high?” Where I outlined the fact that we as a society have known for over 30 years that we were living on borrowed time as far as having an energy policy that was dependent on oil but instead of addressing the problem we just elected leader like Clinton and Bush who would rather squander away the nations wealth on the useless “War on Drugs” than address the looming crisis of peak oil.
Now Michael, you might say that I am the exception to the rule, the lone whistle-blower in the crowd but I am not.
Matt Simmons of Simmons & Company has been saying for decades that not only are we running out of oil but we have much less than is being reported.
T. Boone Pickens has been running countless ads pushing to reduce oil dependence.
Dave O’Reilly CEO of Chevron said in 2005 “It took us 125 years to use the first trillion barrels of oil. We’ll use the next trillion in 30.“
The heads of oil companies both big and small have been warning the public that demand will outstrip supply but the public has just been putting their fingers in their ears and saying “Na – Na – Na – Na, I can’t hear you.”
So why have oil companies been letting the delusional masses lead them into a policy that we knew was destructive? It was our legal duty.
In order to raise money for an oil project an oilman has to pass the same tests a stockbroker does. You can’t pass those tests without some knowledge of economics, so when you see the investment banks playing games with peoples retirement funds so that long-term growth is sacrificed for short-term gain. It is our fiduciary duty to try to do the best thing we can with our investors money.
If Wall Street is turning its back on long-term growth, we have to offer a course that will maximize short-term gain and that course is to drill like crazy so that we can sell oil when supply out-strips demand like it did last summer our investors can get some quick cash in their pockets to help them survive when Wall Street inevitably crashes.
Michael, it wasn’t that the oil companies were withholding information on peak oil, it was that the message wasn’t getting out to the public. So I ask you: Where were you during this run up to disaster?
Peak oil and the Financial markets sacrificing Long-Term Growth for Short-Term Gain are tough topics for the Mainstream Media to deal with it would need an independent documentary maker with some clout to raise public awareness, but instead of examining the start of the biggest crisis in our lifetimes you were busy examining the role of guns in our society and how roughly 900 people die a year from guns, when I can guarantee you more people will die from having the Investment Banks piss away their life savings than that.
So Michael you can point your finger at me and other oilmen all you want, but remember when you point your finger, your other three fingers are pointing back at you.
Darrell Nelson, former Vice-President of Mountainview Petroleum.