AdamB wrote:
Last week the International Energy Agency (IEA) released its World Energy Outlook 2017. The report identified four large-scale shifts underway in the global energy system: The rapid deployment and falling costs of clean energy technologies The growing electrification of energy The shift to a more services-oriented economy and a cleaner energy mix in China The resilience of shale gas and tight oil in the United States All of these shifts have implications for investors, but it was the projections on the U.S. shale boom that garnered most of the headlines. A New Oil Superpower? The report projected that the U.S. would be a net exporter of oil within a decade, and is set to become the world’s dominant oil and gas production leader for decades. The IEA further projected that the U.S. will be responsible for 80% of the world’s new oil production
The Shocking Outlook For US Oil Production
Either there are "shocking" amounts of oil to come from US shale formations in the next decade, or there aren't.
Either way, supply and demand will continue to work, prices (although possibly volatile) will adjust as the situation warrants. Barring nuclear war in the Middle East or a giant meteor hitting the earth, etc, chances are excellent that oil will be priced in a way that lets most prudently use its products, and production to extract what is needed at a price to allow marginal profitability over time (despite all the conspiracy claims to the contrary).
i.e. the system will keep working, imperfect as it is. Not that I would expect doomers to admit that, despite all the lessons history should eventually teach them about things like conservation, efficiency, adaptability, advances in technology, etc. (i.e. the system's built in doom resistance).
Given the track record of the perma-doomer blogs, I wouldn't bet a fast crash doomer's money on their predictions.