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But first demand would drop, making a lot of extraction less profitable than it is now. Wouldn't a lot of the oil suppliers go out of business (forever) before
by tom_mellior 7y ago
But first demand would drop, making a lot of extraction less profitable than it is now. Wouldn't a lot of the oil suppliers go out of business (forever) before we could "rescue" them by buying even more plastic crap we don't need? Also, even if we started building our houses out of plastic or something, I can't imagine that covering as much use of oil as we are currently burning.
- bryanlarsen 7y agoSaudi oil is still quite cheap to extract, so Canadian oil sands producers going bankrupt wouldn't stop all production. Also, a producer going bankrupt means their assets are sold for pennies on the dollar which would enable a low cost producer to take over without the huge sunk costs of the original producer.