New at Mother Jones: The Coming Energy Crunch

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The Energy Crunch To Come: Soaring Oil Profits, Declining Discoveries, and Danger Signs, by Michael T. Klare.

Unlike the average driver of the average automobile, the oil industry has just come off a bumper year. Profits have reached all-time highs, with, for example, Exxon-Mobil reporting quarterly income of $8.42 billion, the highest quarterly income ever reported by an American firm.

But, as Michael Klare, author of Blood and Oil: The Dangers and Consequences of America’s Growing Petroleum Dependency, notes, this can’t last.

[C]heering as the recent announcements may have been for many on Wall Street, they also contained a less auspicious sign. Despite having spent billions of dollars on exploration, the major energy firms are reporting few new discoveries and so have been digging ever deeper into existing reserves. If this trend continues — and there is every reason to assume it will — the world is headed for a severe and prolonged energy crunch in the not-too-distant future.

We can soften the landing by conserving energy today funding R&D for alternative technologies tomorrow, but “at current rates of development, none of these alternatives will be available on a large enough scale when petroleum products become scarce,” a point also made by Paul Roberts
in a recent Mother Jones article.

Check out Michael Klare’s “The Energy Crunch To Come” online at Mother Jones.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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