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There’s 50 years of proven reserves alone. Production might be declining but it’s not because we are running out. 50 years is easily enough time to switch to e
by _3u10 4y ago
There’s 50 years of proven reserves alone. Production might be declining but it’s not because we are running out.
50 years is easily enough time to switch to electric cars. With cars being replaced about every 11 years and ICE being phased about by 2030 to 2035 the entire fleet should be electric by 2045.
- JumpCrisscross 4y ago> Production might be declining but it’s not because we are running out More pointedly, it's declining because we're swapping it out. American oil companies are returning cash to shareholders. Not investing in new wells. OPEC, similarly, sees the writing on the wall, preferring to cash in now even if it means cannibalising future demand through sustained high prices.