Too Much Magic by James Howard Kunstler

Author:James Howard Kunstler
Language: eng
Format: epub
Publisher: Grove Atlantic
Published: 2013-06-20T04:00:00+00:00

To the great good fortune of Reagan, however, and also Margaret Thatcher in Britain, some of the last great oil discoveries in the non-OPEC world went into production just as they entered office, began to come onto the oil market, and took the price pressure off their economies. Prudhoe Bay, Alaska, and the North Sea made Thatcher and Reagan look like economic geniuses when they were just lucky beneficiaries of a resource bonanza that allowed so many of the illusions of the cheap energy age to extend two more decades. By the mid-1980s so much oil was flooding the market from these new fields, plus the new Cantarell field in Mexico and Siberian discoveries from a Soviet Union desperate for hard currency, that the worldwide price of oil crashed. It stayed supernaturally low until 2000, buying time for a U.S. economy that still had not resolved the problem of declining manufacturing. Baby boomer president Bill Clinton, the computer revolution, and Wall Street would figure a way around it that compromised just about everything the nation still claimed in the way of the legitimacy of its institutions.

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