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In the oil industry whenever someone says we'll run out of supply, they're shot down by people saying "we'll discover new oilfields or technology will unlock pr
by floatrock 8y ago
In the oil industry whenever someone says we'll run out of supply, they're shot down by people saying "we'll discover new oilfields or technology will unlock previously inaccessible ones."
Funny how that blind faith in "market prices will figure it out" never applies to renewables.
- stcredzero 8y agoPerhaps because renewables wouldn't have gotten started if it weren't for subsidies. Was that the right move? Perhaps it was. Seems that way for Wind Power.
- vajrabum 8y agoIt's not entirely blind as is demonstrated by the price history and the similar histories of semiconductor and solar cell prices. That isn't to say that there can't be price shocks or material shortages, but there are quite a few politically and economically motivated naysayers.
- baud147258 8y ago> people saying "we'll discover new oilfields or technology will unlock previously inaccessible ones." To be fair, it's what has been happening so far. Of course it'll stop one day. Also I think oil major are aware of the fact, that's why some of them are investing in renewables (like bio-fuels).