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My impression is that there are vast amounts of oil at increasing levels of extraction cost. As cheap oil is used up, the price rises and it becomes financially
by lordgrenville 7y ago
My impression is that there are vast amounts of oil at increasing levels of extraction cost. As cheap oil is used up, the price rises and it becomes financially viable to extract more expensive reserves. Eventually, the remaining oil may be so costly to extract that renewable energy will be cheaper, but it seems unlikely that we will ever extract the last drop of fossil fuels.
(Ignoring all the other reasons for cost fluctuations.)
- JoeAltmaier 7y agoNot to mention if Methane Hydrate comes online - endless natural gas for the price of a drill and pipeline.
- ReptileMan 7y agoIn that case also invest in beachfront properties in northern russia and Antarctica. The weather there will be awesome
- howlin 7y agoYou'd need a matching property in the southern hemisphere for the dark winters.
- JoeAltmaier 7y agoDo so then, because Japan is already tapping it. Estimated 6X the energy there, than all the oil reserves we ever discovered. Seems inevitable.
- hexedpackets 7y agoRenewables are already cheaper - solar in the US is the cheapest form of energy in the world. The remaining challenges are improving batteries for storing it, and continued panel efficiency to reduce the amount of space needed for generating solar power.