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Your parent obviously knows the definition of "infinite", pedantry isn't helpful. We ran out of $15 oil quite some time ago. That was not the same as running o
by rfrey 4y ago
Your parent obviously knows the definition of "infinite", pedantry isn't helpful.
We ran out of $15 oil quite some time ago. That was not the same as running out of oil. "Economically viable" is not a static target.
- TedDoesntTalk 4y agoThe earth is very deep. We are only mining the very tip of it. There are thousands of miles of unmined resources down there. That’s not infinite but a lot. And sure, we can’t get to it today, but who knows what 100 or 200 years will bring.
- Gustomaximus 4y agoI heard a line once that was if the earth was an apple we are yet to mine past the skin. So a heap of exploration potential plus the off planet side.
- HPsquared 4y agoBarely scratching the surface, so to speak. There's a lot of earth under our feet!
- lixtra 4y ago$15 might still be the extraction price in Saudi Arabia. https://www.fool.com/investing/2017/03/19/you-wont-believe-what-saudi-arabias-oil-production.aspx https://www.fool.com/investing/2017/03/19/you-wont-believe-w...
- HPsquared 4y agoOil at that price can't supply the entire market, though (unless they're just being really prudent).
- dredmorbius 4y agoNo. But oil at that cost provides a huge land-rent income to the Saudis when world (market) oil prices top $50, $100, $150, $200, ... bbl. KSA's extraction price remains $15. The rest is pure profit to them. (Discounting the hundreds of millions of years of geological accumulation and transformation which created the resource in the first place. See "Burning Buried Sunshine" by Jeffrey S. Dukes, 2003. https://dge.carnegiescience.edu/DGE/Dukes/Dukes_ClimChange1.pdf https://dge.carnegiescience.edu/DGE/Dukes/Dukes_ClimChange1.... (PDF).)