<LNG Imports to the UKThe Oil Drum: Europe100 years of oil?>

29 comments on "120 million barrels per day will never be reached, never"

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biffvernon on April 8, 2006 - 3:46pm Permalink | Subthread | Parent | Comments top
>... their oil reserves are going to be worth more and more the longer they remain in the ground. What is their incentive to rapidly increase production to satisfy our needs in the short and medium term?
The incentive to exploit now rather than conserve in the expectation of higher prices later is that it is politically expedient to take the cash now rather than leave it for the next generation.  Perhaps a heredetory monarchy might take the enlightened long term view (cf Bhutan)
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writerman on April 8, 2006 - 5:11pm Permalink | Subthread | Parent | Comments top
Yes, I agree. I didn't mean to drop quite so much 'nuance', but I was writing quickly. As I wrote above, we may be entering an area were different 'perceptions' take-on an increasingly important role. Aren't we talking about a 'balance' here? Balancing the short-term over the long-term? I'm just not sure that in the future we will agree with the oil producing countries about where exactly this 'balance' lies. In my opinion our mutual interests will increasingly diverge as oil/gas supplies fail to keep up with rapidly increasing demand.
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