The World Will Never Run Out Of Oil
4th July 2011
Read it.
If one thinks about it, the world will never run out of oil. As oil becomes scarce, consumers will necessarily turn to an alternative before the supply runs out. Whether it is due to a realization that oil is scarce – if only in an economic sense – or due to a concern for global warming, we can see the signs of a shift in consumption. Most automobile manufacturers have some pure electric or electric hybrid car project in development or in production. There are even hybrid Formula One racecars. (What would Enzo think?) It is only a matter of time that the automobile is electric. It seems not too far-fetched that oil consumption might drop.
As a commodity, oil is of course limited. But as a resource, it is essentially unlimited, not just because they keep finding more of it, but because people will stop using it and go on to something else when it becomes sufficiently scarce to be expensive. So anybody who goes around whining ‘OMG, we’re going to run out of oil!’ can be legitimately treated as an idiot.