Re: Daft
Don't remember the 20 years panic, but the forecast from the early 1970's studies I remember reading suggested circa 200 years, which given the massive increase in consumption since then and the forecast in the late 1990's for 50~80 years, means the observation of someone with a vested interest in there being a fossil fuels market isn't too far out of line.
However, note I omitted any reference to how much of our consumption in the coming decades needs to remain in the ground and not put into the atmosphere...
> a lot more effort into discovery and, lo and behold, there's suddenly more oil to be had! But, of course, the prices don't go down..
However, none of the new reserves have the efficiency of extraction as arabia hence why the prices aren't coming down.
Also it is because of this discovery effort and the nature of the reserves they are discovering and wanting to exploit, we can be reasonably confident there isn't another arabia to be discovered.
Interestingly, Putin has a vested interest in the reversal of climate change and for Russia to get colder, as Russia has massive reserves of natural gas trapped in the permafrost, so temperatures rise so that reserve simply escapes into the atmosphere.