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Oil is set to run out as soon as 40 years from now. Explains the American panic to invade oil nations.
We really don't need oil as much as the idiots in power seem to think we do. We should really be rationing the stuff and investing in green energy, but the idiots in power are only looking at the next quarter, because they are legally required to do so, in the private sector.
They were saying that in my dad's college textbooks, 40+ years ago. Scarcity makes previously un-economic sources more viable and encourages hunting for new sources.
Edit: which, I guess "other countries" could fit into "previously un-economic sources", grimly.
That's incorrect. We will not run out of oil. The eroei will go up and increasingly everything will be electrified with cheap solar and wind. Coal is already uncompetitive by price.That's not to say we won't have massive warming but demand will start to decline and we will never actually run out of oil.
It was a generalization about some estimates. Your comment is more accurate. We are exhausting scarce and finite resources. Economy will pivot to other sources when the cost is no longer effective.
But all those estimates might be wrong, cars are being electrified faster and the way China basically made all the solar panels worldwide they are making a ton of super cheap EVs. They are cheap and not amazing but they crucially will mean the global south will probably use them and not buy a billion more ice cars.
Demand for oil might drop sharply while there is still plenty of supply in 20-30 years.