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Buffett and Munger Hold Court
The famous pair pontificates on credit turmoil, peak oil, and the Cubs.
Paul A. Larson, Morningstar
As a multiyear attendee of the Berkshire Hathaway annual shareholders meeting, it occurred to me that much of the wisdom shared by Warren Buffett and Charlie Munger was essentially the same as in years past. But in the process of holding court for nearly six hours … a few new insights emerged.
…Buffett and Munger also commented on the topic of peak oil. This is the argument over whether the world is soon going to reach a peak in oil production before production flattens and eventually falls. They both seemed to agree that we were indeed close approaching a time of peak oil production, though Munger was the more vocal of the two. He noted that all energy resources on the globe–oil, natural gas, coal, uranium–are finite resources and will eventually run out. Therefore, the sun and the wind are essentially the only truly renewable alternative energy resources, and they will eventually have to be tapped in a large way.
Putting Munger on the spot concerning peak oil, Buffett asked him to give an “over/under” on what he thought oil production would be in 25 years. In typical Munger fashion, he gave a terse response that perfectly explained his opinion: “down.”
(4 May 2008)
The coming crisis
Daniel L. Davis, Washington Times (Editorial)
For more than a decade, English petroleum geologist Colin Campbell has been sounding the warning bell about the coming of peak oil and its disturbing ramifications for the world. Since 2005 Dr. Robert Hirsch has been giving specific warnings for the United States through a series of Department of Energy-sponsored reports outlining the dangers to America if the peak finds us unprepared. And in the past year, the GAO, the National Petroleum Council, and scores of other organizations and governments around the world have reported on the severe consequences the world might incur once the peak has been achieved.
… This is not the time for more talk and half-measures. Facts on the ground demand urgent, robust and sustained action at the highest levels of government. The America public gets it, as an April 20 poll by WorldPublicOpinion.org found that 76 percent of Americans “believe that their government should make long term plans to replace oil as a primary source of energy.” With such a high percentage of the population agreeing with such a necessity, where are our national leaders on this issue? While our presidential candidates continue to be satisfied discussing such critical issues as what someone’s pastor said, (who is bitter and who gets angry a lot), there has been not one substantive exchange regarding the most pressing issue facing our country.
Someone must step up and lead before a crisis of global proportions is thrust upon us and our only option is the implementation of draconian damage-control measures. Pray such a leader surfaces soon.
Maj. Daniel L. Davis is a Cavalry officer who fought in Desert Storm in 1991 and served in Afghanistan in 2005.
(5 May 2008)
Editorial in the conservative Washington Times newspaper.
America’s oil: Good to the last drop
Ellen Ratner, World Net Daily
As I sit here writing this column from the oil rich Middle East, I am reflecting on the political oil wars that we are hearing so much about from President Bush, Congress and the presidential candidates. Yet, no matter our favorite party, branch of government or candidate, the whole story is not being told.
… That cloud is called Hubbert’s peak. M. King Hubbert predicated in the mid ’50s that the world was reaching peak oil production and that the United States would reach it by 1970. He was laughed at and disregarded. Hubbert was right, and one member of Congress has been the lone voice for Hubbert’s Peak and the implications that it brings. That member is Republican scientist Roscoe Bartlett from Maryland. As the lone wolf he has said, “You can’t pump what is not there.” This might explain why there is less oil being pumped from Saudi Arabia. …
Ordering GAO studies, Rep. Bartlett has continually been on the floor of the House showing graphs and pushing for renewables and alternative energy sources.
Ellen Ratner is the White House correspondent and bureau chief for the Talk Radio News service. She is also Washington bureau chief and political editor for Talkers Magazine. In addition, Ratner is a news analyst at the Fox News Channel.
(5 May 2008)
Bio Of Ellen Ratner at Chelsea Green.
