2006-10-11 12:37:22 · 5 answers · asked by St.Anger 4 in Social Science ➔ Economics
As I understand it, we hit peak oil back around 1972. I AM sure that we have been unable to keep up with the necessary discovery/exploitation ratio needed to keep oil cheap. Considering that the stuff HAS to run out SOME day, why wait? Alternative energy sources would only serve to lower the price of petrolium anyway. I see this as a win-win. So let's get busy on renewable energy sources, and save our oil stocks for chemical feeds.
2006-10-11 12:52:01 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Hmmm... I guesss I'm trying to figure out why you said, "Truth or Fiction" instead of either "True or false" or "fact or fiction." So, if I had to chose between truth or fiction, I'd choose both. It is in part fiction because it is an economic theory making a prediction about human behavior and future events in the world. At the same time, I believe it is an accurate and instructive theory for understanding historical trends and predicting future trends. It is certainly a more accurate and truthful theory than the Cheney drill your way to self-sufficiency strategy. That is clearly a myth created to justify pro-business anti-consumer anti-environmental policies of the Bush Administration. So, peak oil is not a perfect economic theory. But then no economic theory is perfect. Obviously the original theorists in the 1970's did not predict the fall of the Iron Curtain and the opening up of East European supplies. But the recognition that it has not served as a perfect predictor of future trends does not somehow render it fictional or usueless as an economic theory. To the contrary, it has served as a very accurate predictor for oil production trends in the lower 48 states of the United States. It is also shaping up to be a fairly accurate predictor of global trends, at least so far.
2006-10-11 13:06:43 · answer #2 · answered by Didgeridude 4 · 0⤊ 1⤋
It is pretty simple really.
If oil is a nonrenewable resource.
Then it is safe to assume that at some point you will use half of the resource.
After you use half of the resource the second half will be more difficult and more expensive to attain.
If oil is more expensive then everything that is made from, transported with or contains oil will be more expensive.
I guess it all boils down to whether or not you think oil is a resource that is renewable in your lifetime.
2006-10-11 12:49:29 · answer #3 · answered by Pyrate 5 · 0⤊ 0⤋
I think it is Fiction..There is no credible evidence for it.
2006-10-11 12:44:55 · answer #4 · answered by John G 5 · 0⤊ 1⤋
I don't believe it for a second.
.
2006-10-11 13:07:49 · answer #5 · answered by Zak 5 · 0⤊ 1⤋