Just a reminder

Walter Russell Mead, on the discovery of a huge new oil field in Alaska:

As good as this is for both Alaska and the United States, it’s a bad sign for other major producers, and more specifically it’s unwelcome news for petrostates like Saudi Arabia and Russia. OPEC intends to cut production at its semiannual meeting in November, but even as it works to constrain the world’s oil supply to set off a price rebound, new discoveries are being made and new projects are coming online. You can find the latest example of this massive global glut off the coast of the United Kingdom, where roughly a dozen tankers are waiting their turn to offload their crude cargoes. The world is awash in oil, and despite the protestations of the delusional “peak oil” movement, that doesn’t look to be changing anytime soon.

Somewhere, Don Shelby is gnashing his teeth.