vincentML
Posts: 9980
Joined: 10/31/2009 Status: offline
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quote:
I think we'll need petroleum for long distance transport but that's a tiny fraction of our use. Alternative energy would first affect the electricity markets. That demand drop alone would crash prices. There is the problem. Big Oil knows that. They spend a lot of money behind the scenes to convince the American people that alternative energy is a waste of time. Fusion will be practical. Solar is now practical and will become more efficient. Well yeah, the future will be different. You read it here first But your points are well made. Here is something that might interest you . . . a future overabundant supply of oil . . . Until very recently, our collective assumption was that oil was running out. That was partly a matter of what seemed like geological common sense. It took millions of years for the earth to crush plankton into fossil fuels; it is logical to think that it would take millions of years to create more. The rise of the emerging markets, with their energy-hungry billions, was a further reason it seemed obvious we would have less oil and gas in 2020 than we do today. Obvious – but wrong. Thanks in part to technologies like horizontal drilling and hydraulic fracking, we are entering a new age of abundant oil. As the energy expert Leonardo Maugeri contends in a recent report published by the Belfer Center at the John F. Kennedy School of Government at Harvard, “contrary to what most people believe, oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption.” Maugeri, a research fellow at the Belfer Center and a former oil industry executive, bases that assertion on a field-by-field analysis of most of the major oil exploration and development projects in the world. He concludes that “by 2020, the world’s oil production capacity could be more than 110 million barrels per day, an increase of almost 20 percent.” Four countries will lead the coming oil boom: Iraq, the United States, Canada and Brazil. http://blogs.reuters.com/chrystia-freeland/2012/08/09/the-coming-glut-in-oil-%e2%80%93-and-its-impact/
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