24 ms·

There isn’t plenty of cheap fossil fuel available, it’s becoming more expensive to extract what’s left with each decade that goes by. The high price of oil is

There isn’t plenty of cheap fossil fuel available, it’s becoming more expensive to extract what’s left with each decade that goes by. The high price of oil is a huge drag on economy, with every spike causing inflation and reducing economic growth. The USA has already developed technology needed, and renewables are now the cheapest energy source. The countries that scale them up quickly will enjoy smooth economic growth and cheaper energy than ever in history, and the countries that keep using oil will stagnate.

fwungy 3y ago
Tell that to Putin. There's plenty of oil. They've been saying its going to run out for 50 years. Dead fields have replenished themselves.
- akamaka 3y ago
  I’m not talking about some peak oil collapse theory, but the actually reality that the return on investment of extracting oil is steadily eroding. Have a look at the data yourself: https://royalsocietypublishing.org/doi/10.1098/rsta.2013.0126 https://royalsocietypublishing.org/doi/10.1098/rsta.2013.012...
  - fwungy 3y ago
    Yes. EROEI. Very familiar with that. This is an anonymous forum so you won't believe my credentials ( as is wise!), so I'll put it this way: do you think that the idea that oil is a precious and rare resource is good or bad for the major producers (i.e. state producers)? The oil supply chain is logistically demanding. Once oil is pumped out of the ground it's got to go somewhere, and once it's there it has to move or be burned, because storing oil gets expensive. What oil producers care about is predictability of demand, price is important but it's secondary to that. If the whole world knows that there's plenty of oil it's much harder to set the price where you want it. If the world thinks oil is a rare and precious commodity the price is natural.

24 ms·

There isn’t plenty of cheap fossil fuel available, it’s becoming more expensive to extract what’s left with each decade that goes by. The high price of oil is

by akamaka 3y ago

fwungy 3y ago
Tell that to Putin. There's plenty of oil. They've been saying its going to run out for 50 years. Dead fields have replenished themselves.
- akamaka 3y ago
  I’m not talking about some peak oil collapse theory, but the actually reality that the return on investment of extracting oil is steadily eroding. Have a look at the data yourself: https://royalsocietypublishing.org/doi/10.1098/rsta.2013.0126 https://royalsocietypublishing.org/doi/10.1098/rsta.2013.012...
  - fwungy 3y ago
    Yes. EROEI. Very familiar with that. This is an anonymous forum so you won't believe my credentials ( as is wise!), so I'll put it this way: do you think that the idea that oil is a precious and rare resource is good or bad for the major producers (i.e. state producers)? The oil supply chain is logistically demanding. Once oil is pumped out of the ground it's got to go somewhere, and once it's there it has to move or be burned, because storing oil gets expensive. What oil producers care about is predictability of demand, price is important but it's secondary to that. If the whole world knows that there's plenty of oil it's much harder to set the price where you want it. If the world thinks oil is a rare and precious commodity the price is natural.