Don't listen to the peak oil doomsayers....... (capitalism, union, free market)
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Deny it all you want, the fact is that shale oil is very expensive oil. It is immensely more capital, energy, labor, and resource intensive than the old conventional oil of the 1920s. The techno industrial system and economy cannot run on expensive shale oil, it requires cheap and easy to extract, refine and transport, oil. However, that oil has been mostly depleted in the US, which is why the US is doing shale oil in the first place.
Not only does shale oil not refute peak oil, it proves it.
Excusing the false dilemmas and histrionics gas cost more in 1920 than today in real terms.
Peak oil is a myth. By the time we would've used all the oil we will have long since boiled away human civilization and obviated the need for oil in the first place. It's a self-solving problem.
Edit: The real question is, when do we have to stop using oil in order to avoid dooming humans to fade away on a dying planet? And the answer is about 20 years ago.
Peak oil is a myth. By the time we would've used all the oil we will have long since boiled away human civilization and obviated the need for oil in the first place. It's a self-solving problem.
Edit: The real question is, when do we have to stop using oil in order to avoid dooming humans to fade away on a dying planet? And the answer is about 20 years ago.
The planet isn't dying, it is alive and well. Man's civilization as we know it may be doomed, but the earth-she'll be just fine.
In the entire first page of threads in the economics sub-forum, only two are about peak oil, and only one of those threads was started by me (the resident peak oil "doomsayer.")
But people can keep ignoring oil and energy to their own peril. I once heard some clown on a mainstream financial news network say how he's not worried about energy industries underperforming because they only make up 2% of the DOW. Apparently, he doesn't realize that without oil, without energy, there is no Dow Jones, NASDAQ, S&P 500, Russell 2000, etc.
Yeah, fools point to shale oil all the time as if that somehow disproves peak oil, without realizing that shale oil has never been able to cover its own enormous operating costs.
That depends on which shale oil fields you are talking about. Shale oil operated by rational people makes money, but production won't be as high as at the peak before Covid. That's because there's a million or barrels per day of shale production that was operated by utter idiots who did not know how to do well economics. Fortunately, those folks have all gone bankrupt or run out of money, so the rational people can carry on.
I remember attending a college presentation back in the late 1970s where the speaker predicted that we would run out of oil in the early 200s. He was a proponent of fusion energy.
The issue is not peak oil....it is peak political stupidity from the very top.
Reading the Wall Street Journal, many states and University Endownment funds are selling oil stocks and refusing to invest in fossil fuels. The new Mayor of the City of Boston, just made that pledge today.
HALF the Wall Street banks have taken a pledge NOT to lend money to fossil fuel companies.
IF you were an oil company that pretty much takes care of your exploration budget for new supplies. You are not going to have the financial funds to do it.
So if you are going to go out of business with a product that is in very short supply. What would you do??
Sell it quickly at low prices??? Or start limiting your production to get maximum return to your shareholders??
BTW...the shareholders are pretty clear...increase the dividends and quit looking for new oil.
Maybe President Biden and the rest of the Democrats will start looking for oil on their own?? Biden looks like he found a large supply in the Strategic Petroleum Reserve!!! So much for climate change.
Way back in the 1970's under that great environmental President Carter a 2x4 hit $15!!! President Carter became the ONLY PRESIDENT in the history of the United States to issue an executive order for the Forest Service to cut above the sustain yield level.
Nothing has changed, the Democrats always have put their political ambitions before the environment.
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