Peak Oil.

It's a Crude, Crude World.

Two hands cupped together holding a pile of crude oil.

Oil is everywhere. It’s all around us. It’s in everything and it makes the world go around. The Energy Information Administration (EIA) projects that renewable energy will comprise 27% of the world’s energy production by 2050, all things being equal. Pretty great, right? Not really. Based upon population and economic growth trends, the EIA also predicts that the use of liquid fuels will continue to increase over the same period. So as much as we think we might be getting ahead, we’re really not. But there’s another side of oil that most people rarely think about and that’s its value as a currency. Yes, a currency. We tie in good ol’ Milton Friedman again to discuss how trading this ubiquitous fuel went from commodity to casino, making it more difficult to break this habit than one might imagine. 

 

Read the full essay on substack
Two hands cupped together holding a pile of crude oil.

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