Coal and natural gas spot prices have recently soared to record levels internationally, while oil is trading at over $80 a barrel—the highest price in seven years. Newspaper columnists are asking whether people in Europe and Asia who can’t afford high fuel and electricity prices might freeze this winter. High natural gas prices are causing fertilizer prices to spike, which will inevitably raise costs to farmers, with eventual catastrophic impact on people who already have trouble paying for food. Political commentators are naturally searching for culprits (or scapegoats). For those on the business-friendly political right, the usual target is green energy policies that discourage fossil fuel investment. For those on the left, the culprit is insufficient investment in renewable energy. But there’s another explanation for the high prices: depletion . I’m not suggesting we’re about to completely run out of coal, oil, or gas; there’s no immediate danger of […]