[ExI] Whatever happened to peak oil by 2020?

BillK pharos at gmail.com
Tue Jan 12 16:49:18 UTC 2016

On 12 January 2016 at 15:29, John Clark  wrote:
> Oil is now selling at $31.41 a barrel, the lowest it's been in 12 years, and
> Goldman Sachs  and Morgan Stanley both predict $20 oil in the near future
> but you need to take that with a grain of salt. Goldman Sachs predicted $200
> oil in 2008 so they're not very good at forecasting the future.

The world has reduced the use of oil and coal. Sales have dropped off
a cliff. So the price of oil and coal has dropped because nobody wants
to buy it.

Now you may wish to discuss the reasons for this situation:

Is the world heading into a recession?
(Less industry activity means less use of oil and coal).

Is Saudi deliberately reducing the price of oil to try to bankrupt US
shale companies?
(At the risk of destroying their own economy).

Is the atmosphere pollution becoming too bad?
(When you can't breathe the air in cities, something has to change).

Is atmosphere pollution causing catastrophic weather events?
The disruption and repairing the damage is getting too costly).

Is the switch to renewable energy gathering speed?
(Very popular with the Millennial Generation).


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