You have heard of the leftists peak oil? The world is running out of oil. In fact Jimmy Carter famously said way back in 1977 the world will be all out of oil by the year 2000. We will have used it all up in our evil giraffe cars. Gone, no more. A subject of future mythology.
How wrong he was. Well you could say he was about as wrong as today’s we’re all going to burn up mythology spinners about global warming the alarmists are.
The data (released by BP a company who have a vested interest in oil scarcity) don’t agree. Proved reserves keep increasing:
The oil in the ground will run out some day. But as the discovery of proven reserves continues to significantly outpace the rate of extraction, the claims that we’re facing immediate shortages looks trashy.
Some may try to cast doubt on these figures, saying that BP are counting inaccessible reserves, and that we must accept that while there are huge quantities of shale oil in the ground, the era of cheap and readily accessible oil is over. They might cite the idea that oil prices are much higher than they were ten years ago. Yet this is mostly a monetary phenomenon resulting from excessive money creation beyond the economy’s productive capacity. Priced in gold, oil is still very cheap — almost as cheap as it has ever been:
Take a close look at the Obama years, see the stability?
The argument that the vast majority of counted reserves are economically inaccessible is fundamentally flawed. In the long run there is only one equation that really matters in determining whether oil is extractable, and that is whether there is a net energy gain; whether energy-in exceeds energy-out. If there’s a net energy gain, it’s feasible.
Certainly, we are moving toward a higher cost of energy extraction. Shale oil (for example) has a lower net energy gain than conventional oil, but still typically produces five times as much energy as is consumed in extraction.
But the Earth’s extractable hydrocarbons will eventually dry up, whether that’s in 500 years or 200 years. If we want humanity to have a long-term future on Earth, we need to move to economically priced renewables; solar, hydroelectric, thorium, synthetic hydrocarbons.
And the market will ensure that, eventually — as the cost of renewable energy continues to fall, more and more of us will adopt it. I don’t buy the myth that markets are stupid — if humanity needs renewable energy (I believe we do) the market will see to it (I believe that is slowly happening). Markets are just the sum of human preferences.
Anybody ever see dinosaurs on Titan, one of Saturn’s moons? If not, then where does the methane(fossil fuel) comes from? Abiotic Oil a Theory Worth Exploring. Another scientific hypothesis bites the dust.
Someone please explain the physics of renewable energy, something that does not exist, expect in the liberals twisted mind.