The End of Oil is Near, or Maybe Not

In 1980, the economists Julian Lincoln Simon and Paul Ehrlich formalized a wager on resource scarcity. Simon told Ehrlich to put money where his mouth is and chose 5 commodities whose prices would be monitored for ise or fall. Payout date was 1990. Ehrlich lost the wager as all five commodities declined in price. Ehrlich is a member of the Club of Rome that makes the wildest predictions of this kind, none of which ever come true. How does anyone believe any catastrophist on this record?

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