Cog wrote:I thought peak was supposed to occur a decade ago. At least that is what the doomers predicted on TOD and on this board back then.
Cog wrote:Subjectivist wrote:My prediction, once world supplies can no longer keep up with demand at a price the economy can support many governments will institute price controls and rationing.
Price controls and rationing would further crush whatever economy you are trying to protect making oil even less affordable.
shortonoil wrote:"A market prioritizes uses with the most utility automatically by sending a signal to the consumer each time someone drives to the pump"
Depletion is as inevitable as the sun will rise tomorrow, and it doesn't give a hoot about someone's macro economic hypothesis.
pstarr wrote:Pops wrote:Oil has intrinsic value and the percentage of income we spend on it will almost certainly rise as supplies are constrained and we struggle to replace it with something else, get more efficient or just do without.
Wrong Pops. The percentage of income we spend on oil will almost certainly not rise beyond the point that said oil purchases cut into expenditures for food, warmth, housing, and security. People without transport fuel will certainly migrate on foot before they starve and freeze.
So yes oil markets collapse when folks can no longer afford to buy oil
StarvingLion wrote:If Peak Oil was happening/happened then they wouldn't be rolling out this renewables crap. It would be already too late.
Prices don't matter. The capitalism you pretend to see does not exist.
Peak Space, Peak Fresh Water....are blowing away Peak Oil. Ron Patterson is literally going out of his mind because his Peak Oil predictions of 2005 and now 2015 are not happening.
godq3 wrote:StarvingLion wrote:If Peak Oil was happening/happened then they wouldn't be rolling out this renewables crap. It would be already too late.
Prices don't matter. The capitalism you pretend to see does not exist.
Peak Space, Peak Fresh Water....are blowing away Peak Oil. Ron Patterson is literally going out of his mind because his Peak Oil predictions of 2005 and now 2015 are not happening.
Price of oil is half what is needed to increase world oil extraction rate, and you say that peak oil is not happening? Coal extraction rate is already falling, and the price is still too low to prevent further downfall. Same will be with oil in 1-2 years.
It's true that we had low fossil fuels prices in the past, but they were never lower than price needed for extraction rates to increase. This is the first time in 200 years that such situation occurs.
http://www.bbc.co.uk/news/business-34808487
A record glut of oil is set to continue into next year and maintain pressure on prices, the International Energy Agency said on Friday.
Stockpiles stand at a record three billion, the IEA said in its monthly report.
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