4 ms·
This is, on balance, great news. However, when it happens, nations like Saudi Arabia and Russia (that depend on oil revenue) will encounter a cataclysmic chang
by rossdavidh 8y ago
This is, on balance, great news. However, when it happens, nations like Saudi Arabia and Russia (that depend on oil revenue) will encounter a cataclysmic change in their situation. Are we actually ready for a world in which Saudi Arabia and Russia have cratering economies? It could get ugly.
- village-idiot 8y agoSaudi Arabia will probably become uninhabitable as temperatures rise. That’s gonna be a mess.
- diafygi 8y agoOh yes, stranded assets are a real threat to incumbent energy companies (the term in the energy industry is called the "Carbon Bubble")[1]. Luckily, Wall Street is starting to generally favor financing new renewable over new fossil fuel sources (since stranded assets are a much greater risk for fossil assets), and in a fight between Big Banks and Big Oil, Big Banks win every time. [1]: https://en.wikipedia.org/wiki/Carbon_bubble https://en.wikipedia.org/wiki/Carbon_bubble
- CitizenTekk 8y agoI agree with this. But on the contrary, nations like Saudi could also go with the trend and opt in to using renewable energy such as solar as same goes to Russia. One must adapt to changes in order to allow balance. But yes, as we know, it will come with risk, much as been said, fossil fuel is also one of the things that deteriorate our environment and leave a mark. They either can have less the usage of fossil fuel or reserve it as for larger market such as aviation fuels or with in a large scale of industries and reduce as day to day usage basis.