Current so-called renewable energy is now economically viable due to the current oil price. But that oil price is held up by Venezuela's lack of output. They only pump about 900,000 barrels of oil a day, when they should be pumping about nine million barrels. Even at that higher rate, they'd have about 100 years of production left based on existing reserves.
The renewables sector is living in a false economy. The price of oil can only come down. That's because Venezuela won't continue to live in the Dark Ages much longer, plus new oil fields are coming on soon in Africa. As well, there is much oil yet to be discovered.
Study the graph which shows how oil reserves amongst the top five countries have increased. The graph starts in 1980; the year before I studied the oil crisis of the 1970s. I had a lecturer, a colossal fool this person was, an intellectual minnow who opined that oil was finished, nothing new was to be found, and it would all be gone by the year 2000. Back then, in 1979, people actually believed that kind of nonsense. There was also the big ice age about to happen, and it was in all the newspapers and magazines; we were preparing to freeze because oil was running out.
Well, how did that work out?
You know - science!
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| Top 5 Oil Reserves 1980-2015 |
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