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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (352250)9/26/2007 9:39:57 PM
From: RetiredNow  Read Replies (2) of 1573937
 
Not really. I think they'll find alot more oil in areas where the ice is melting. In addition, as oil continues to stay at elevated prices or oil prices rise, all sorts of new techniques for teasing oil out of existing fields becomes economically viable. I have a friend in Texas who's land used to be drilled on in the 70's and early 80's. Then all the pumps were abandoned. Well, lo and behold, they are pumping and drilling new wells on his land again. Why? It's all about the price. All those crumbs that weren't worth going after when oil was below $30, are now very profitable when you add them up.

So all those peak oil folks are going to be surprised at just how long the oil industry can milk the earth for more oil.

And here's the best part. They will continue to struggle to find new sources as fast as new demand grows. That will keep prices very high for another 5-10 years. That will give the electric car makers just enough time to whip the battery problem and start selling electric cars to the masses at a reasonable price. Then you will see oil prices crash as oil demand slackens. Then since less oil will be used, it will take longer to run out of oil. But electric cars won't fully replace oil-based cars for a very long time. It's like all technologies. They will co-exist for a very long time, as one technology very slowly replaces the other, as mp3 music is replacing CDs, and CDs did cassettes, and cassettes did 8-tracks. They all co-existed for awhile.

No matter how you slice it, we'll see the oil industry pumping oil for a very long time to come, just maybe not as profitably as they are doing it today.
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