4 ms·

There have been articles for many decades now that we are reaching the peak of what can be pulled out of the ground. That we will simply run out of oil. This

There have been articles for many decades now that we are reaching the peak of what can be pulled out of the ground. That we will simply run out of oil. This is a lie. There is plenty of supply. This is the argument op is making. Whether to burn it or not is a different question.

rcMgD2BwE72F 4y ago
>This is a lie. There is plenty of supply. That is and never has been the crux of the matter. We need affordable supply. If I have 10 apples to sell, 9 of them priced at $1, and the last one at $100 billion, I could also claim to have plenty of supply.
helmholtz 4y ago
"Plenty of supply" and "peak oil" are not mutually exclusive
rcMgD2BwE72F 4y ago
It's also interesting to know that Russia could not maintain its production of oil at last year's market price, due to the lack of investment (it had simply become unprofitable). https://ogst.ifpenergiesnouvelles.fr/articles/ogst/full_html/2019/01/ogst190118/ogst190118.html https://ogst.ifpenergiesnouvelles.fr/articles/ogst/full_html... The war may force Russia to sell their oil to non-Western countries but the crisis helped support oil price and made global investments in O&G profitable for them again (and for every other producers too). Just like with the war in Iraq - which explains why Putin did not oppose the US invasion for long after they realized it would bring enormous profits to Russia.