Chronicles of Ineptitude, Chapter 1

[Valin]

Power Line:

Steven Hayward

8/21/12

 

 

 

I’m starting to think Power Line needs a periodic omnibus “Chronicles of Ineptitude” to go along with the weekly Green Weenie Award, as there are so many stay stories of foolishness and failure that don’t quite deserve a singular post, but can add up to a worthwhile short roundup now and then. If it becomes a regular feature, perhaps I’ll call it the Power Line Todd Akin Memorial Ineptitude Award. (Not to worry–there’ll be a whole separate thread just for California.)

 

First off, oil. As everyone paying attention knows, oil production is soaring in the U.S., Brazil, and other places where new technology is revitalizing old fields and making previous difficult fields economically feasible. Everywhere, that is, except Mexico, where oil production continues to slide despite huge reserves. At current rates of decline, Mexico may have to import oil by the year 2020, which would be like Thailand having to import rice. The problem is underinvestment, and the refusal of Mexico’s government-owned oil industry (PEMEX) to allow foreign oil companies to enter the market in joint ventures. Oil industry experts have been watching the Mexican foolishness for many years; as one industry watcher put it to me about five year ago, “Someday, when they pump the last barrel out, someone at PEMEX will pull out an old phonograph, and spin up a scratchy LP of Sinatra singing, ‘I Did It My Way!’”

 

 

(Snip)

 

Second, electric cars. More epic fail. Another ironically named Fisker Karma has caught fire, leading to the third recall of the vehicles. Maybe electric cars will work adequately some day, and the Fisker Karma (retail cost: $102,000) will be remembered as the Ford Pinto of the new generation of electrics. Now that would be karma.

 

Finally (for now), our friends in Germany, who are seeing coal consumption go up because of their precipitous decision to shut down nuclear power, are facing more problems from wind power. Seems that the intermittency of wind power.....(Snip)