PEAK OIL - The New Y2K or The Beginning of the Real End? Message Board

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Gold/Mining/Energy : PEAK OIL - The New Y2K or The Beginning of the Real End?

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From: kryptonic6	4/20/2005 1:18:18 AM
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Jeanette Fitzsimons: Exploration will not provide the oil to match demand New Zealand Herald 20 Apr, 2005 I am glad that Owen McShane agrees with the Greens that we are not about to run out of oil - he confirms our view that at this stage we are facing only the end of cheap oil. He then argues that higher prices will encourage more exploration, more efficient cars will allow demand to keep growing, and the market will provide replacement energy sources when the price of oil gets high enough. There is no evidence for these claims, other than market theory. It is more than a year since oil prices doubled, but what are the oil companies doing? Some exploration continues but little net increase in refining capacity is planned and most of their effort seems to be going into mergers and takeovers. What do they know that they haven't told us? Jeanette Fitzsimons is the New Zealand Green Party co-leader. nzherald.co.nz

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