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The oil economy will transition to a solar and lunar economy, direct solar, hydro (indirect solar), and tidal (lunar). The two most cost effective will be hydro (been around over 2k years) and solar, which can easily supply the power needs of this planet.
Global warming will then transition to global cooling as more surface heating is redirected to power generation and the carbon levels will drop as quickly as they rose.
All the "sky is falling" fear mongering is basically a money grab, if you believe that supply has been 50% exhausted (peak oil). Then after we spend a significant part of the planets net worth on rectification of global warming, the tactic will change or become obsolete as technology and efficiency progress to reduce the watt hours per mile per passenger cost of transportation to way below 100, possibly below 10 in examples already developed technologically ((e3t).
This progression will occur because it has NO other potential pathway. My invention will be a part of that pathway far into the future, possibly centuries beyond my lifespan.
It's going to happen and at some point in that process boring holes in the ground,or seabeds to extract ancient plant and animal material will either run out or become cost INEFFECTIVE as other alternatives evolve to replace fossil fuels.
A great example is the Central America discovery and salvage. The "ship of gold" that foundered off Hatteras in a storm in 1857with most of the San Francisco mints gold production.
Before the salvage operation a mint state 63 1857 S double eagle was a $40,000 coin.
After the salvage operation the value of that coin had dropped by 90% +. That's what happens when a very limited supply is overwhelmed by a "new discovery".
Have we reached the threshold of that event with oil? Probably not, but you can bet all of the percieved wealth of future oil extraction will depend on the perception of available reserves, which is controlled by organizations whose incentive is obviously a perception of rarity.
I think the current total production, from the first drop until today. the 169 cubic miles would cover the planet in a layer less than1/4 inch deep, even though we drill many miles underground for the product, a product which the world population would have been much different without, both financially and geopolitically.
Those who control the dissemination of information have a powerful incentive to CREATE a perception of rarity. If you swallow THEIR propaganda, you will pay a heavy price.
Much like the victim of a robbery who reports the theft as many times more than it actually was, knowing that the thief will never be trusted even if caught, takes advantage of even that situation for more financial gain.
regards
mech
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