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When demand for oil peaks what happens to all the people - and countries - that dpened on oil maintaining a certain price per barrel. What is the new source of

When demand for oil peaks what happens to all the people - and countries - that dpened on oil maintaining a certain price per barrel. What is the new source of demand for oil that replaces internals combustion engines in millions of cars? Don't get me wrong, I'm all for it... just like thinking about those ramifications.

phreeza 9y ago
Plastic is one thing that comes to mind.
- csours 9y ago
  There are plenty of really good uses for oil, but nothing on the scale of ICE powered vehicles. Look at Venezuela to see what will happen to other oil powered economies.
  - pjc50 9y ago
    Venezuela's collapse is good old incompetence and corruption, not especially to do with oil prices. It's more convincing to argue that the Arab Spring was caused by the last oil shock. But don't forget that oil production requires continuous expansion; a predictable long term decline in demand for oil will cause a reduction in drilling and production, just as recent high prices have caused an expansion.
lefstathiou 9y ago
If history is any indicator, it is going to get very ugly. Between this, AI, process automation etc I am not convinced societies will gracefully migrate to a social state everywhere which then leads me to believe that population control will start to get enacted (ie in 60 years people may need a license to have a child) among one of many potential outcomes.
- QAPereo 9y ago
  Ugly is probably a massive understatement, given the state of that region know when they are practically rolling in money. I think you can probably expect the next couple of decades to look like a fairly precipitous decline, followed by a stupendous explosion.
ams6110 9y ago
It's a transition that will take a couple of decades at least. People and transportation companies are not all going to run out and replace their cars and trucks with EVs in the next few years. The same thing will happen with the demand for oil that happened with the demand for horses and carriages. People will find other things to do.
cat199 9y ago
This is precisely why there is a big push in Saudi (and likely other similar countries) to train people up on STEM and such..
rasz 9y ago
They will go back to riding camels like their grandfathers.

phreeza 9y ago

Plastic is one thing that comes to mind.

csours 9y ago
There are plenty of really good uses for oil, but nothing on the scale of ICE powered vehicles. Look at Venezuela to see what will happen to other oil powered economies.
- pjc50 9y ago
  Venezuela's collapse is good old incompetence and corruption, not especially to do with oil prices. It's more convincing to argue that the Arab Spring was caused by the last oil shock. But don't forget that oil production requires continuous expansion; a predictable long term decline in demand for oil will cause a reduction in drilling and production, just as recent high prices have caused an expansion.

lefstathiou 9y ago

If history is any indicator, it is going to get very ugly. Between this, AI, process automation etc I am not convinced societies will gracefully migrate to a social state everywhere which then leads me to believe that population control will start to get enacted (ie in 60 years people may need a license to have a child) among one of many potential outcomes.

QAPereo 9y ago
Ugly is probably a massive understatement, given the state of that region know when they are practically rolling in money. I think you can probably expect the next couple of decades to look like a fairly precipitous decline, followed by a stupendous explosion.

ams6110 9y ago

It's a transition that will take a couple of decades at least. People and transportation companies are not all going to run out and replace their cars and trucks with EVs in the next few years. The same thing will happen with the demand for oil that happened with the demand for horses and carriages. People will find other things to do.

cat199 9y ago

This is precisely why there is a big push in Saudi (and likely other similar countries) to train people up on STEM and such..

rasz 9y ago

They will go back to riding camels like their grandfathers.