[extropy-chat] Re: peak oil debate framed from a game theorystandpoint ?

[Robert Lindauer]

A green point here:

If everyone had their own ethanol still it wouldn't be half the problem 
it is now - and there wouldn't be the polution problem either.

Robbie


Andrew Beck wrote:

>>If you were an insider and knew that oil was going to be worth that much
>>in a few years, why would you be pumping for all you were worth and
>>selling it today for $70/barrel?  That doesn't make sense.  It would
>>be more profitable to reduce your pumping to the minimum necessary to
>>cover expenses, and to keep it in the ground until the oil is far more
>>valuable than it is today.
>>    
>>
>
>The thing about the peak oil debate is that it doesn't take the oil to be nearly gone for it to shoot through the roof in price, just a small decline in oil supply will make the price go way up because of people's complete reliance on oil and refusal to comprimise their easy living.  Case in point in the 70s when the supply dropped 5% prices shot up 400%.  So all that will make the price of oil shoot up is when the supply slows down a bit.  The reserves should still be at least halfway full at that point, so now quanitity is good and won't comprimise the oil companies reserves when the supply is running out.
>
>Also I don't think anybody except oil execuatives are in a position to say if they are storing a few wells for a rainy day.
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