SO MUCH FOR PEAK OIL: Alaska Just Nearly Doubled its Oil Reserves.

Of course, this isn’t just encouraging for Alaska, it’s also a boon for U.S. energy security. Low oil prices have led to a slight decline in U.S. oil production from 9.6 million bpd back in June of 2015 down to just below 8.5 million bpd today, as shale producers have been forced to idle their higher-cost projects. The area of Alaska where this new discovery was made typically has a breakeven level of around $40 per barrel, so with oil trading today near $50, the Caelus project should be able to turn a profit.

As good as this is for both Alaska and the United States, it’s a bad sign for other major producers, and more specifically it’s unwelcome news for petrostates like Saudi Arabia and Russia. OPEC intends to cut production at its semiannual meeting in November, but even as it works to constrain the world’s oil supply to set off a price rebound, new discoveries are being made and new projects are coming online. You can find the latest example of this massive global glut off the coast of the United Kingdom, where roughly a dozen tankers are waiting their turn to offload their crude cargoes. The world is awash in oil, and despite the protestations of the delusional “peak oil” movement, that doesn’t look to be changing anytime soon.

I remember when doubting “peak oil” meant you were a shill for Exxon.