“We can recall a time when we were in undergraduate school and the nihilist, global-cooling, left-of-center environmentalist “Malthusians” were telling us that the world would be out of crude oil by 1984. This was of course sheer lunacy, but many fell for the thesis… the same people who argue for peak-oil production. We find Peak Oil comical for if we’ve learned anything in the past forty years it is that more and more and yet more crude oil and nat-gas are discovered every day using new technologies at each step.
“To this end, we note that ExxonMobil reported that after having used a considerable sum of crude and other “liquids” last year it added another 1.8 billion barrels of “proven” reserves to its balance sheet. Simply put, XOM found 115% of the crude and other liquids that it used last year. This is impressive and it is all the more so in that this is the 19th consecutive year in which XOM found more “energy” than it used. More than half of those new proven reserves were found in the Woodford and Bakken shale regions of North Dakota. Thus, to the eco-radicals and to the Peak Oil enthusiasts we say: Sit down and shut up; you’ve been wrong long enough.”
~Dennis Gartman writing in today’s “The Gartman Letter”