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Isn't oil just getting more and more expensive to find and extract? We won't "run out" of it, it'll just become too expensive to use as fuel eventually.
by continuational 10y ago
Isn't oil just getting more and more expensive to find and extract? We won't "run out" of it, it'll just become too expensive to use as fuel eventually.
- douche 10y agoYet oil is cheaper now than it was ten years ago, in raw dollars (before even factoring for inflation). The technology to extract oil keeps getting better.
- thebooktocome 10y agoThere is a finite amount of oil in the world.
- credit_guy 10y agoThere is a finite amount of everything in the world. What's special about oil?
- marze 10y agoThe term you want is EROEI. Energy return on energy invested. It has been dropping consistently for decades, in the case of oil. Price does not necessarily reflect cost to extract, because it also depends on market demand. Read "The Underground Economist". But yes, it is getting more expensive to extract, and yes there is a tremendous shift away from oil as an energy source taking place right now. Crude oil production peaked around 2005 and will be continuing to fall from here out.