Because of an editing error, an article on Page 36 this weekend about the failure of economists to anticipate the latest recession misquotes the economist John Maynard Keynes, who compared the financial markets of the 1930s to newspaper beauty contests in which readers tried to correctly pick all six eventual winners. Keynes noted that a competitor did not have to pick “those faces which he himself finds prettiest, but those that he thinks likeliest to catch the fancy of the other competitors.” He did not say, “nor even those that he thinks likeliest to catch the fancy of other competitors.”
Oil is not a renewable energy source. In other words, there is a finite amount of oil in the earth and it has no means of replacing itself when depleted (within the next millions of years that is). Once the supply is depleted, the energy source is completely gone. While the exact amount of oil reserves is unknown, in 2002, the Geological Survey (USGS) estimated that there was 3 trillion barrels left (Povey). It is generally accepted among experts (such as Matt Savinar, author of the website ) that the production of oil follows the patterns of a “bell curve”, similar to the one in the graph below.