We will never run out of oil

According to the article We Will Never Run out of Oil, it is talking about the oil supply and how it is not suppose to last more than a few decades. According to Mike Moffatt he thinks that is a false statement. The reason for this is because there is plenty of oil in the grounds. Even if it comes down to completely running out of oil he makes a good statement, that people will find other means of transportation, if it is ridding a bike, carpooling, finding more economic cars, or cars that run on alternative fuel. It is the basic principle of economics which is supply and demand. If the supply is short and the price goes up then the demand will go down. I would have to agree with I really don’t think that we will run out of oil, but if we do then there will be alternative choices because we live in a world with smart people that something will be invented to take the place of oil for our cars to run. What do you think about the oil situation?


Lana said...

I've heard it stated that necessity drives innovation. And this will probably be the case, but before that happens I think there will be big fights over the last bits of oil!

rico said...

Running out of oil might be a good thing. The environment would be cleaner and we could all ride horses to school and work.

Keston said...

I really don’t think that we will run out of oil. There are still many places that have not been drilled, that could be if we came down to an oil crisis. However, I agree with Lana that with a short supply of oil, innovation will come about. People will come up with new ways to get around, or else we can always go back to the old way, like Rico states.

Dr. Tufte said...

It's heresy to say things like this in certain groups, but it is true.

Can you name any resource that we ever ran out of? Any?

Sheik Yamani, the head of OPEC in its glory days made the salient observation that the stone age didn't end for lack of stones. We simply don't stop using resources because we run out of them - humans are not locusts. We stop using resources because we find other more useful things.