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So long as the supply of oil is finite, it's not a lie. The predictions of timing, however, were clearly wildly wrong.
by ghouse 3y ago
So long as the supply of oil is finite, it's not a lie. The predictions of timing, however, were clearly wildly wrong.
- thaanpaa 3y agoActually, we have no idea. We don't know how much oil is still in the ground in many of the major oil exporting countries. Even though it was anticipated that OPEC would increase output after Russia was banned from the global market, they didn't. Were the explanations given valid, or might it be that they are no longer able to ramp up so quickly?
- Ekaros 3y agoAnd realistically why would have they. Russia did not stop too much production, just moved where it was sold. And increasing production would have driven price down making in long run less money in total for them.
- thaanpaa 3y agoFirst and foremost, that is not how the law of supply and demand works. If there is a sudden increase in demand, the equilibrium point rises, and they could have sold more at a higher price. Plus, they've always done it before in a similar situation.
- BlueTemplar 3y agoWhich one ? King Hubbert's prediction was true. Campbell and Laherrère's prediction was also true. (You can say that they failed to predict the tight oil and bituminous sands boom, focusing instead on the (thankfully still completely uneconomical) oil shale potential, but the gist of them being extremely dirty and expensive also fits.)