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That would just cause the price to increase, creating an incentive for more extraction. The practical, most economically sensible solution to climate change is
by brendanmc6 7y ago
That would just cause the price to increase, creating an incentive for more extraction. The practical, most economically sensible solution to climate change is also the most politically unfeasible: carbon tax
- toomuchtodo 7y agoIncreasing oil price beyond a certain point destroys demand [1] [2]. It would not be infeasible to buy oil fields and inject oil consuming bacteria to negate the ability to extract that oil in the future. The capital required would be substantial though. Either get a hat to go in hand with to billionaires to get support, or perhaps go to carbon tax markets to obtain funding. In some jurisdictions, a carbon tax will never fly politically, so you'll need to make due with less efficient mechanisms. [1] https://in.reuters.com/article/oil-prices-kemp/column-rising-oil-prices-put-demand-destruction-back-on-the-agenda-idINKBN1I30X0 https://in.reuters.com/article/oil-prices-kemp/column-rising... [2] https://www.bloomberg.com/news/videos/2018-10-30/oil-s-slide-deepens-as-demand-destruction-fears-build-video https://www.bloomberg.com/news/videos/2018-10-30/oil-s-slide... (Warning: Video)
- imtringued 7y agoHow would bacteria consume oil without causing emissions?
- toomuchtodo 7y agoI assume the byproducts of oil metabolism would be stable when consumed in situ. It would not make sense if emissions were still generated in the process.
- francisofascii 7y agoYeah, true. But a higher price would cut consumption as well, and make renewables more attractive.