Peak oil prophet Jeff Rubin is not impressed with Obama’s ballyhooed reversal on drilling.
First of all, the entire Pacific coast is unaffected.
But in any case, Rubin says there is no easy oil in the U.S., and there won’t be any oil in time to stop the ravages of peak oil. From his blog:
There are no Spindletops waiting to be found anymore, neither in the mid-Atlantic nor in the Gulf of Mexico. There aren’t even Prudhoe Bays or North Seas—just ridiculously expensive stuff found miles below the ocean’s floor, like the recently discovered Tiber field. By the time any oil flows from these newly opened offshore areas, the American economy will have abandoned oil as a transport fuel—a change that will be dictated by a series of oil-induced recessions like the one we’ve just exited.
So oil is still going to triple digits by year-end (says Rubin).
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