>We're not running out of oil, we never have been.
Actually we are consistently running out of oil, it being a finite resource.
You could say it's "enough for another 100 or 200 years" as opposed to those who say it's only enough for less, but you can't make it like we have infinite oil.
We chanced upon a source of relatively cheap energy that was created in geological time and takes millions of years to create. We didn't chance into some infinite tap.
>Anything that costs more than that price isn't counted in reserves because it's uneconomical to extract.
Beyond some point it would be so uneconomical to extract as to be meaningless -- or as to slow down the economy considerable, if it isn't for alternative energy sources (which also have their own problems if attempted at anything compared to oil use scale -- including storage, bad EROEI minus the subsidies, hidden costs, and unpredictable output, despite the solar cheerleading).
Actually we are consistently running out of oil, it being a finite resource.
You could say it's "enough for another 100 or 200 years" as opposed to those who say it's only enough for less, but you can't make it like we have infinite oil.
We chanced upon a source of relatively cheap energy that was created in geological time and takes millions of years to create. We didn't chance into some infinite tap.
>Anything that costs more than that price isn't counted in reserves because it's uneconomical to extract.
Beyond some point it would be so uneconomical to extract as to be meaningless -- or as to slow down the economy considerable, if it isn't for alternative energy sources (which also have their own problems if attempted at anything compared to oil use scale -- including storage, bad EROEI minus the subsidies, hidden costs, and unpredictable output, despite the solar cheerleading).