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Tagged : oil-depletion


Oil spills, and the economics and environmental impact of resource depletion

June 24th, 2010

Following the failure of the latest efforts to plug the gushing leak from BP’s Deepwater Horizon oil well in the Gulf of Mexico, and amid warnings that oil could continue to flow for another two months or more, perhaps it’s a good time to step back a moment mentally and look at the bigger picture—the context of our human history of resource extraction—to see how current events reveal deeper trends that will have even greater and longer-lasting significance.

Much of what follows may seem obvious to some readers, pedantic to others. But very few people seem to have much of a grasp of the basic technological, economic, and environmental issues that arise as resource extraction proceeds, and as a society adapts to depletion of its resource base. So, at the risk of boring the daylights out of those already familiar with the history of extractive industries, here follows a spotlighting of relevant issues, with the events in the Gulf of Mexico ever-present in the wings and poised to take center stage as the subject of some later comments.

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