Excellent article in Time on the future of oil. Unconventional oil – although not complety making up for declining conventional oil production – will lead to higher energy prices and will ultimately cook the planet.
And still political decisionmakers keep denying this very obvious reality. What is worse? Climate deniers or politicians in the pocket of the fossil fuel industry?
“… the new supplies are for the most part more expensive than traditional oil from places like the Middle East—sometimes significantly so. They are often dirtier, with a greater risk of more devastating spills and accidents. The decline of major conventional oil fields—coupled with the rapidly rising demand from countries like China and India—means the spare production capacity that once cushioned prices is melting away, ushering in an era of volatile market swings. And there’s climate change—burning all this leftover oil could lock the world into dangerous warming. “I’m less concerned about the absolute disappearance of fossil fuels than about the environmental consequences of pursuing what’s left,” says Michael Klare, an energy expert and the author of The Race for What’s Left.”