Comment by kilroy123
1 day ago
I think they just want to pump as much as they possibly can to cash out now while they can.
The writing is on the wall for fossil fuels. Even _they_ are doubling down on solar power and switching away from fossil fuel.
https://en.wikipedia.org/wiki/Solar_power_in_the_United_Arab...
They also build out more nuclear power than all of the west comnined: https://en.wikipedia.org/wiki/Barakah_nuclear_power_plant
Earth is going to run out of oil in 50 years at current rates. One way or another, the status quo is going to change.
The world will never run out oil supply, demand will likely go first.
There are dozens of ways to increase production through world peace, better drilling technology and ideological conversion. Most of African production is well below geological potential (Libya being the easiest example, but also applies to Nigeria and the DRC etc). European shale is barely investigated, Russia is restricted by sanctions, the Middle East by war. Antartica and the Falklands are relatively unexplored but feasible.
However, the electrification of transport will erode demand in everything besides heavy shipping and jet fuel. Without that demand oil prices will crater.
> The world will never run out oil supply, demand will likely go first.
Not sure I buy that. Oil will still be in demand as a chemical feedstock. In fact, there are already people saying that oil is too precious to use as a fuel.
2 replies →
The prediction has been "by around 2050" since forever¹. Any time people find a way to increase reserves, flow rate increases to compensate, and the prediction stays approximately the same.
That's to say, I think you forgot to update your number when time passed.
1 - time started at the 1970s, that's a well known fact
No it isn't!