Maybe the simplest description of “creative destruction” is “The U.S. economy giveth jobs, and the U.S. economy sends those overseas while it maketh higher-end U.S. jobs.” American workers wouldn’t find this all that “creative,” as the word implies something both clever and good, like the heavens and the Earth. So, many textile and other workers find the term difficult to grasp. Of course, “destruction” should bring any needed clarity. Alan Greenspan cites “creative destruction” often in his autobiography and provides this example: GM pension-fund managers investing in tech and other sectors rather than in the automotive industry. In terms of the energy business, it would be similar to if ExxonMobil began putting all of its profits into wind and solar. Are we a long way from that? The debate between Oil Peakists and Non-Peakists continues to ramp up, particularly between CERA (Non-Peakist) and the ASPO-USA (Peakist). The latter (the Association for the Study of Peak Oil-USA) has asked CERA to put $100,000 in escrow in a bet that CERA will be wrong as the future unfolds. One Non-Peakist, veteran industry member says he was angry about talk of Peak Oil a few years ago but now “I’m just sad about it. It just makes me sad.” It’s similar to the matter of global warming, he adds. “You have Al Gore running around, frightening people, small children, telling them the ocean’s going to take in most of the coastline when they’re grown. It makes me sad for them to be told that’s their future.” That certainly is creative destruction of global hopefulness. --Nissa Darbonne, Executive Editor, Oil and Gas Investor, A&D Watch, Oil and Gas Investor This Week, email@example.com
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