>oil industry is the lubrication that allows modern civilization to function
>has no replacement
>is currently going broke, hemorrhaging money, conventional production peaked in 2005 and is now declining, unconventional oil is not profitable hence the massive debt being accumulated, meanwhile central banks are increasing interest rates
>OPEC countries hemorrhaging money even while $50/barrel oil is high by historical standards
How will humanity deal with the approaching energy hypercrisis?
By 2022 oil will no longer be able to provide surplus energy to the rest of civilization
>he hasn't spent the last five years harvesting LOOSH to prepare himself for Ragnarok
baka senpai
>conventional oil production peaked in 2005
>Companies are hemorrhaging money because of a huge oil glut
Are you fucking retarded?
>conventional oil production peaked in 2005
Yes it has been flat since 2005
>Companies are hemorrhaging money because of a huge oil glut
Companies should be making money hand over fist like they were back in 2005 when oil was $50/barrel, but production costs are increasing 10% a year which is why they're going broke now despite oil prices still being high from a historical perspective
It was the revolution in north American and Canadian unconventional oil that sent prices tumbling and supplies to the sky. Technology is quickly letting companies unlock oil previously believed to be unviable.
The peaking of "conventional" oil is mostly irrelevant as more money will be invested in new ways to extract and process it.
Obviously there's no current replacement for the plastics oil processing generates but in terms of energy, renewables are developing at a rate that they should be able to provide for global energy needs
How much of modern medicine gets thrown in the trash is the peak oil meme really comes through?
And I don't mean keeping old people alive I mean the stuff that changed the infant and child mortality rates.
>renewables are developing at a rate that they should be able to provide for global energy needs
"Renewables" have been developing for a 100 years and are nowhere close to providing for global energy needs.
We'll figure something out, don't worry. ^_^
If we actually had to - meaning, if the cost of fossil fuels was skyrocketing to the point that it would be more expensive not to - we could fossil fuel powered ground vehicles with electric ones, and fossil fuel based electricity generation with nuclear power very quickly. It'd require legal changes, but sea shipping could be adapted to use nuclear power if a crisis actually demanded it as well. Aircraft would still need fossil fuel, but that's a tiny portion of the global demand.
I'm actually surprised more people don't know this.
The current fracking process being used to extract oil from the ground is way costlier than the normal way it's obtained, fracking well decline rates are exponentially higher than regular oil drill wells, new discoveries haven't been found yet, and the clean energy shit we've been hearing about also require industrial processes to obtain (rare earths and silver for solar cells, large ass amounts of material for wind towers, heavy and rare earth metals for batteries, uranium for nuclear plants, and water for hydroelectric dams that are getting fucked by large domestic consumption of megacities).
And through all that, people don't know that everything starts with oil in our modern economy. Even clean energy systems start from oil.
I literally do not understand how a 7 billion planet of humans will be supported by our global economy when oil finally disappears.
People who are concerned with the declining oil in terms of energy production and transport are really missing out on the main problem that will result which is production of plastics. There really isn't a viable method yet to replace oil in plastic manufacturing unlike with transport and energy which could conceivably switch to other energy sources relatively quickly
>b-but renewables are fake news!
There is no crisis, the transition is already well underway
...
what THE FUCK are you talking about. The oil industry is not important in comparison to oil itself. OPEC is artificially deflating prices to drive more expensive operations out of business (fracking, shale, etc...in the dakotas, canada).
There are still vast oil reserves, we aren't going to have the peak oil catastrophe anytime soon.
and oil is not at historically high prices like you say.
Plants.
No really, before oil-based plastic became ubiquitous, an economy fueled by treated hydrocarbons was the direction many guys in the industry believed was going towards.
Well, that kinda cuts into our food, but still.
Yeah oil-free plastic is possible but the problem is that the technology hasn't been created at all to do it
It will eventually become more profitable to invent an alternative energy than to extract oil from the Earth. Imagine how much money that would make.
Unironically, the free market will solve this.
Because oil has been cheap enough that there hasn't been as much of an incentive to do it.
>By 2022 oil will no longer be able to provide surplus energy to the rest of civilization
Lol. What are you 16?
>Africa relatively untapped.
>alternate sources of energy that will replace oil as a primary producer of energy.
Yes dumbass, because unconventional oil began entering the market. This is also beyond OPEC's price manipulation at this point.
>This is also beyond OPEC's price manipulation at this point
>
Btw fracking was used in ww2 from German side
>implying the elites haven't been using zero point energy for centuries