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Re: Oil will not go much higher than $50/ barrel
Yes, of course you are correct, alternatives will come online.
But the conclusions in the Hirsch report are still a sobering read, we need to start 20 years ahead of time, not when prices starts to rise due to depletion. And he is very optimistic in some aspects. The hit the world economi will take if steps are not taken to mitigate the problems are enourmous. How long was there a shortage in -73 and -74, a few month? That resulted in a recession. Try a shortage for 20+ years, depression, here we come. |
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