Seems there has been a oil crisis every ten years since the 60s. And people were told the same thing every time..."it's too scarce" Profits been higher than ever for oil though.
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Last edited by Rapid Decompression; 10-08-2012 at 12:54 AM.
Originally Posted by skin1488760
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It wasn't a natural scarcity, thats for sure -- the major oil crises of the last 50 years were all because of geopolitical events, not geological. Sure, there have been minor disruptions as well, like Katrina or the current problems in California, but those are inconsequential and can be fixed quickly with enough manpower.
It's as easy to understand as this: America has been the target of pissy Muslims stopping the flow of crude as a power lever. Most of it was justified, too. You can trace damned near all of the BS America has gotten itself into since World War 2 -- The Iranian hostage crisis, the Kuwait invasion/liberation, hell, even the World Trade Center attacks -- back to American desire for Arab League oil.
This is why energy independence, "drill baby drill", wind turbines, pipelines across Canada etc. is such a hot topic amongst politicos in recent years. Yes, mass-scale oil production will run out someday, and yes, we are burning through the stuff we can get at faster than ever (thanks to better extraction tech), but that's not the reason why gas prices have gone up.
The answer is this: We ARE running out of oil and every statistician will tell you there hasn't been a significant oil discovery since the North Sea in the late 1960s. People thought they'd never pump Texas dry, but they did in a mere 40 years ... now, that doesn't play much into current prices and their rise and fall, but it does give those who have oil incentive to call all the shots they want. Because, like it or not, if OPEC decided tomorrow to embargo the US again, we'd be up **** creek faster than you can say $20/gallon gasoline.