In 2005, I published a second book, “Black Gold Stranglehold: The Myth of Scarcity and the Politics of Oil,” co-authored with Craig R. Smith, the founder and CEO of Swiss America Trading Corporation, an Arizona company that specializes in providing precious metals to investors in order to diversify their investment portfolios.
The book directly challenged “Peak Oil,” a theory that argued the world was running out of oil and natural gas, hydrocarbon fuels that were believed to have been produced in sedimentary rock from ancient biological debris. In sharp contrast, “Black Gold Stranglehold” argued hydrocarbon fuels including oil and natural gas are natural products of the earth produced on a continuing basis.Rather than facing a shortage of oil and natural gas, “Black Gold Stranglehold” predicted accurately that oil and natural gas are abundant.
The book also correctly predicted the USA could once again take the lead in the production of oil and natural gas by applying new technologies, including fracking and hydraulic drilling to develop our abundant shale oil resources. This book was again highly controversial, challenging conventional wisdom that oil and natural gas are “fossil fuels.”
Despite the ridicule and demonization Craig Smith and I suffered as authors, the Peak Oil theory is considered today to be the theory that was debunked, built as it was on the pseudo-science dominant in U.S. petrochemistry going back to 1859, when Edwin L. Drake successfully drilled for oil in Titusville, Pennsylvania.