"Oil’s availability is of course of immediate concern to every driver, especially at a time when gasoline prices are high once again. The much greater concern, however, is whether we are reaching a limit where oil can no longer be recovered at prices consumers are willing to pay.
If something like that turns out to be true—a scenario that generally goes by the name of “peak oil”—then long-term economic growth may be constrained across the industrial world. At the same time, to look at the brighter side of the picture, long-term carbon emissions may be lower than previously projected."
Read the full article here.
Two points that I found interesting:
- "The Age of Unconventional Oil and Gas" I agree with this point - we are at a point where recovering and processing unconventional oil & gas will be important if want to continue to use oil as a fuel.
- "In effect, they suggest, [oil] prices have reached a level where consumers seek alternatives or conserve, rather than pay more; if oil prices go significantly higher, then the effect is to plunge the industrial world into recession, lowering demand." I am not sure what the price of gas is where you are, but it is still lower than it was last year for me, so I think that the price can increase a little, but I think we are close to that price point.
