this post was submitted on 21 Dec 2023
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Unfortunately they will, and this is where a responsible government should step in to manage the market for our future, not just for our right now or oil companies profits.
The problem is that we’re not running out of oil reachable with current technology, fast enough. Peak oil is likely driven by reductions in demand, rather than supply, which pretty much guarantees lower prices. I would bet this will be a drawn out process with multiple cycles of demand decreases driving down prices, leading to shrinking oil supply industry leading to higher prices.