“The world has been running into fossil fuels, not away from them.”
Read more at Grist.
Not too many years ago, there was a media-frenzy about oil having peaked and how little was left. Anyone who disagreed was called names, like global warming skeptics are today.
Obviously, the media types were wrong but rather than admit that, they now procliam how horrible it is that we didn’t run out of oil.They actually want people to starve, freeze or die–just to make thier political points. The good news is our descendants won’t run out of the fuel that keeps modern society modren.
yes, we actually “ran out of” oil. All of the oil that we could find at $35/bbl is gone. Vanished, used up, depleted. Then we ran out of $50/bbl oil. Now we must find and use the $100/bbl oil. When it’s gone, we’ll have found some $200/bbl oil. And so on. Can we run out eventually? Sure, but will we? By then the price will be so high that alternates will be economically justifiable on their own without subsidies. Once the basics of Supply-Demand reach a high enough equilibrium, we’ll stop using it. It’s what happened to whale oil, peat and other fuels. We quit using horses for power yet still, there they are…. We never actually ran out of these older forms of energy, the market cost of them simply got too high compared to alternates, and the alternates dropped in cost due to volumetric efficiencies and techincal advances. That’s the way Supply and Demand work. No gov’t help needed, thank you.
Has the price of oil increased or has the value of money decreased?
Somehow I can’t see oil companies pricing themselves out of the market. That is just plain bad business rather like the kind government does. As technology for extraction advances the price stays the same of even goes down as is the case with shale gas in the US. That is how the market works.
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