How many years do you think oil companies will stay rich before alternatives replace it?

Question

What preparations do you think the oil companies are doing to make sure they stay rich as long as they can?

Will one company want to stay more rich then the others? How would they do that?

Answer 1

What preparations? Well, they are forcefully extracting oil from other parts of the world. What do you think Iraq is all about?

Answer 2

The oil companies will continue to stay rich. The problem is not the availability of alternative sources. The problem is that the oil companies haven't figured out exactly how they are going to control and profit off of those alternative sources yet. As soon as they get a handle on that we'll start seeing cars that run on whatever it is they will be pushing then.

Answer 3

Read the book Armed Madhouse; it's a fascinating book that speaks to both of your questions. The answer to your question is for at least the next 500 years; that is if the planet doesn't gag itself to death with our benevolent stewardship. What you'll discover upon reading is that there is a massive oil glut on the planet. You see, OPEC wouldn't be required if oil was scarce; the price would keep going without the assistance of a cartel that artificially elevates prices by putting production quotas in place. Here are few pertinent facts; Saudi Arabia has about 50% of the known reserves at 600 billion barrels this means that the total known reserves at 1.2 trillion barrels is estimated to last another 100 years. The tar sands of Venezuela and Canada become commercial $30 per barrel in Venezuela and $60 in Canada represent >4 trillion barrels adding another 400 years to big oil. And between now and then who knows what we will find?

Oil companies will continue to undermine the free markets and democratic institutions that we are taught to revere in order to fend of the ravages of an oil glut for as long as they possibly can

Answer 4

Oil companies are not as rich as people think they are. They employ more people than most can even imagine. Their employees are in every country around the globe. Their profits are about 8 cents on a gallon of gas. If they so much extra money don't you think they would have been building new refineries and storage facilities.......it was cheaper to import it because only in America do they have deal with all the environmentalists....

Besides, most of them have plenty of investments in other industries they will make any transitions they need to make.

Answer 5

The major oil companies are investing in R&D for alternative energy technologies. So far, despite what the media/internet would lead you to believe there is no clear alternative to using the internal combustion engine for transportation.

You'll need to own a hybrid car for 20 years for it to pay for itself.

Bio-diesel requires a special filtering process, which is not commercially available and a very messy job. You still have problems with unburned hydrocabons, carbonmonoxide and oxides of nitrogen.

Hydrogen fuel cells still require gasoline.

Answer 6

Eh, I think some oil companies might make preparations to switch to other fuel sources when the time is "right".

Others, I think the bosses will just milk their company for all it is worth, then just let the company die. They will stay rich themselves, of course.

Answer 7

oil co's will all ways stay rich! Lets say that every car in the U.S. is a hybrid car. The car still needs some gas. The oil co's will then charge 5 $ a gall to make up for gas there not selling. They will make there money.

Answer 8

Wasn't that long ago that the oil companies were shutting down wells, refineries, laying off people. Oil was so cheap and many oil companies went under.

Answer 9

They will get rich off of oil until we run out, or are really close to it anyway, Then they will get rich off of the alternative fuels. So basically, they will stay rich regardless.

Answer 10

it will be a long long long time. Too many are rich from oil, they wont move over for something else no matter how good alternative energy sounds. The Market is cornered and thats just the way they like it.

Answer 11

I suspect the oil companies, like other large corporate industries, will fight tooth and claw to maintain their monopolies indefinitely. In all probability they are currently supressing alternatives wherever they can, buying out useful patents in the field and shelving them, and no doubt doing every dirty and underhand thing they can to maintain their current positions. Google (or yahoo search) the "Elkhorn Manifesto" for a little historical perspective . . .