(November 10, 2021 at 5:21 pm)The Grand Nudger Wrote: Nope, they also hit record extraction numbers in the last few years until voluntarily agreeing to cut production to boost prices. They hit those record numbers, by the by, in an oil war against american shale producers..which had the effect of cutting our production.
The problem with oil is not that we're running out - it's that we're finding more of it and getting better at extracting it while simultaneously getting worse at using it. Can't stress this enough, narratives like these masquerade as climate facing but they've been sabotaging climate action from the inside. We're running out of oil...quick...gobble it all up for ourselves so we can be the last man standing atop of sea of oil. Except that's not happening, or, at least..not the running out part. The crazy investments and subsidies in more oil based on fears and worries of future shortages? Yup, that grift is alive and well.
More from cop26. KSA intends to increase it's production by a million barrels a day. UAE from 4m b/d to 5m b/d by 2030, and qatar..well, they only intend to increase their lng by a meager 2/3rds over current numbers to 126m mt by 2027.
Interesting claim. I heard about Middle eastern oil running out decades ago. Don't remember where, so this may be taken as anecdotal evidence
If oil is so plentiful why is it so expensive? Today here, petrol is $1.79 a litre.
Found this on line.
Middle East Oil Reserves: Who Has the Most Crude Oil? (thoughtco.com)
I'm also confused about the renewable energy industry. It exists because it's profitable. Again back to the retail price of petrol. Why would it be so expensive except for supply vs demand? Expensive petrol means commercial and domestic vehicles are slowly getting rid of the inefficient internal combustion motor. If oil is so plentiful, surely a greatly reduced demand for oil for fuel will mean prices should drop(?) Not sure I'll live long enough to see that.
I'm not saying you're wrong, only that so far I haven't seen enough evidence to be able to accept your claims.
