TL/DR The economy may not support energy extraction. We may have large oil reserves, but they will mostly stay in the ground because our economies can’t afford the extraction.
- Too little oil in the ground
- Oil prices are too low for oil producers
- Oil prices are too high for oil consumers leading to recession, debt defaults, and ultimately a cut back in credit availability and very low oil prices
- Oil exporters are subject to civil unrest and overthrow of governments, due to low prices and/or depleting reserves
- Lack of money (and physical resources that might be purchased with this money) to pull oil out of the ground.
- Pollution related issues–too much smog in China; too many problems with fracking; too many problems with CO2.
- The financial current system fails, and can only be replaced by one that allows much less debt. Oil prices remain too low under such a system.
In my view, any answer other that the first one is likely to be at least partially right. Ultimately, the…
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