Low Prices Batter Oil Industry (And Later The Rest Of Us)

So, the pattern could be a spike in oil prices, followed by renewed weakness in the world economy, followed by continuing decline in production, followed by another spike and so on. Writer Gail Tverberg has been suggesting a future just like this for many years. It may be arriving as I write.

The time to have prepared for such a world was the last 10 years. Instead, we pretended that the shale oil boom would go on for decades and that we therefore did not need to think about our energy future, that is, we didn't need to move forward with alternatives at a scale that would make up for a future of declining oil availability. Now that future is upon us and we are in no wise prepared.

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Kurt Cobb is an author, speaker, and columnist focusing on energy and the environment. He is a regular ...

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