A fatally flawed article now circulating through the mainstream news media erroneously credits United States shale oil production with damping global oil prices, while completely ignoring the impact of renewable energy sources like wind and solar.
The problem with this screed isn’t that it’s untrue, but that it tells only part of the story.
Painful Truth No. 9.956 Gazillion is that renewables have taken a huge bite out of The Kingdom of Saudi Arabia’s ability to manipulate global oil prices, by replacing the equivalent of 4 billion barrels of oil a year. That’s equal to roughly 9 percent of the world’s annual global consumption.
This kind of sin of omission is the calling card of the market cheerleaders who pass for energy journalists these days. They’re just as gutless as the political reporters who trade positive stories for access to political hookers and the economic reporters who dutifully regurgitate government misrepresentations about the U.S. labor and housing markets.
Only a market cheerleader would turn a blind eye to such enormous numbers for renewables, which are only going to increase with the passage of time. Especially with the grim realities of climate change and rising sea levels looming over the future of the entire human race.
Renewables and shale are a big part of the reason the OPEC cartel has been unable to jack up oil prices since its reckless greed suffocated the global economy in 2007. The inexorable march of solar and wind is why the faltering middle class still pays $2.60 a gallon for gasoline, instead of $4, and $60 a barrel for oil, instead of $157.
What’s it all mean?
Take a bow Tree Huggers and thank you for your service. The decent working people of this nation are in your debt.
The renewables you champion have put a huge dent in both OPEC’s price gouging ways, in combination with U.S. and Canadian shale oil, and in greenhouse gas emissions.
Without your idealism and commitment to the greater good the useful idiots who call you “Libtards” and “Snowflakes” would be riding the bus on date-night and spending $800 a month on heating and air conditioning. Meaning the modern day Uncle Toms who conflate real news with the comforting lies and half truths of the Right Wing Noise Machine.
Renewables are no joke anymore. Their success is a testament to the humanitarian impulses of the liberal activists who have given solar and wind companies the political breathing room they needed the past 20 years. I’m talking about the good people of movements like Occupy Wall Street, Standing Rock, Black Lives Matter, Public Citizen, and the Me Too Movement who make the world a better place and hit its villains in their bloated pocket books.
These liberals are the ones who pulled back the curtain on The Great and Powerful Oz… I mean Big Oil.
Meaning the wrinkled leches who have gotten rich by creating fake scarcities – like the repulsive Koch Brothers, J. Howard Marshall, and the House of Saud – with their gold plated sports cars, busty gold-diggers, and redundant mansions, estates and yachts.
Eff them all. They’re country club garbage and they make the world stink for the rest of the species. If they all disappeared tomorrow it would be a huge case of addition by subtraction for the human race.
Renewables now account for about 6,800 Terawatts of annual electricity generation globally. That’s equivalent to the amount of electricity generated by roughly 4 billion barrels of oil. Almost double the 2.4 billion barrels of oil coming out of the U.S. shale patch each year.
Granted, oil has never been the top electricity generation source (except in Saudi Arabia), but one of the reasons oil prices are down is the abundance of solar, wind, hydro and the like. The same thing is true for the decline in dirty coal, which is equally responsible for climate change.
The other big flaw in the shale oil article is that it kisses OPEC ass by omitting all mention of the cartel’s mission of global price manipulation. This is another habitual sin of omission by the mainstream news media.
The Organization of Petroleum Exporting Countries (OPEC) is completely transparent about its status as an industry cartel whose sole purpose in life is global price rigging. However mainstream news organizations from Bloomberg to The Associated Press to Reuters seem to be constitutionally incapable of discussing that pirate mission, lest they be judged guilty of advancing the knowing lie that OPEC is some kind of benign clearinghouse for energy data.
The Saudi-led OPEC cartel is engaged in industry collusion, which is illegal in the U.S. and in most developed nations. It gets away with it because there is no effective global government to police its excesses in the global economy. Just as there is no global regulator to stop Apple from paying third-world wages to have its iPhones made in China, while charging first world prices back here at home.
There’s also no global regulator to prevent The House of Saud from trading profitably on its ability to manipulate global commodity futures.
That fore-knowledge is called “insider trading.” It’s also illegal here in the U.S. and in most developed nations.
All of which brings us back to Painful Truth No. 8.967, which is that “revolution” is how the market polices fraud in the absence of effective global regulation. The market is made up of consumers – as in people. They’re the so-called “Masses” The Predatory 1 Percent fears so much and spends so much time dividing and conquering.
The Tree Huggers have given those robber barons the kind of peaceful revolution in the energy sector which was once possible at the polls in the U.S. Before our elections were rigged by monied interests to give voters a choice between dueling Wall Street millionaires and billionaires.
These Progressive patriots have given us a taste of what real people power can do.
If you’re waiting for the mainstream news media to tell you about this victory you’re going to be left in the dark for a very long time, because they write for rich people now. Not the masses.
How do I know?
I used to work in the mainstream news media, where I wrote thousands of byline articles as a staff writer for big news organizations like The Associated Press, Bloomberg and Gannett. And I was a lot better than the willing lackey who just cranked out this fatally flawed shale article.