But, but…PEAK OIL!
I predict that the wealth generated by cheap fossil energy will vastly exceed the costs of mitigating changes in climate, regardless of their cause.
6 thoughts on “The Global Oil Surplus”
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But, but…PEAK OIL!
I predict that the wealth generated by cheap fossil energy will vastly exceed the costs of mitigating changes in climate, regardless of their cause.
Comments are closed.
That should slow down Russia a bit.
Agree about the wealth, but there is also the other reason for the oil surplus; the development, surplus, and advancement of the use of natural gas which was promoted within the industry and why the US met Kyoto limits by drilling here and now.
Read that, and I think the comments regarding Libya and Nigeria are much too optimistic. They also ignore the possibility of war across the Persian Gulf. OTOH they ignore American frackers and the possibility of the kleptocracy in Venezuela being shown the door (that which can’t go on, won’t).
The problem is the kleptocrats may be shown the door only after too many Venezuelans are shown the grave.
“They also ignore the possibility of war across the Persian Gulf.”
Doesn’t even take war per se. At current prices, the Saudi government will run out of money very soon. From what I’ve read, they’re cutting handouts to try to stave off bankruptcy, but that’s just making unrest worse.
I can’t see the current leadership lasting long, unless something pushes up the price of oil very soon.
There was a story on NPR about the engineer who, in a risky attempt to save his job, kicked off the hydraulic fracking boom.
http://www.npr.org/2016/09/27/495671385/how-an-engineers-desperate-experiment-created-fracking
Not only is this an engineer-as-hero story, which I always like, but it’s an illustration of how “it’s not what you don’t know that hurts you, it’s what you know that’s wrong.” Everyone knew plain water couldn’t be used to frack shales because clays would swell. But this was just wrong.