jedrider wrote:I told you all that we were at PEAK Oil already in 2019. Now, just as demand is picking up, prices are rising as well to keep oil consumption in check.
That's how economics work. FOR EVERYTHING. Supply and demand is very much "a thing", and price helps keep them in balance, plus maximize revenue for self-interested producers of economic goods. Same as it ever was.
What does that have to do with "peak oil"? (That's not generally a temporary condition as the usual doomer types around here frame it). If the price rises high enough, more effort will be made to produce oil that has been shut in, previously deemed uneconomic at lower prices, etc.
Oh, and of course, if the price gets high enough, it makes BEV's, PHEV's and even HEV's look MUCH MUCH better, to the extent they can save a hell of a lot of gasoline burning by owners using their cars in certain ways. Like mostly city drivers for HEV's -- it doesn't take long to make the cost case compelling for, say, Toyota HEV's with a small price premium over the ICE's, if gasoline is at $5 or more. And if it's at $3 in central KY, it sure as hell could get there in quite a few US cities if WTI gets well over $100 in time.
At that point, demand would be meaningfully lowered over time, even as people continue to drive a lot. It's wonderful for consumers to have more choices.