I recall how more than 30 years ago, when I was a young whippersnapper, arguing that the Russians will end up as big winners with regard to oil - specifically, because they were so incompetent and inefficient in exploring it. And by the time everyone would begin to run out, they would still have plenty. Looks like I may have been right. Now, with the price up about 10 times in 10 years, the attitude towards the black gold is becoming quite different.
demand will not slow, but will in fact grow until we turn the corner on hybrid and other fuels.
Human nature being what it is, there could have been no serious effort to develop alternative sources of energy until oil became very expensive. Now, it's happening. Hopefully we'll have enough time to adjust before real shortages kick in. Already now there are disruptions in many parts of the world, and even violence. Not sure if hoarding is the cause - from what I read, the excess (producing) capacity, which could be activated on a relatively short notice, is about 1/10 of what it used to be. |
