Are we gulible or what?

[davidc4430]

Wall Street slips on plunging oil prices, tech rebound fails to boost market

http://www.abc.net.au/news/2017-12-07/wall-street-slips-plunging-oil-price-tech-rebound/9234370

We were told in the 70's....OMG! the OIL is running out!

and we believed them.

here we are in 2017, the oil hasnt run out, in fact they are sucking more out today than ever!

Whats the truth?

[this-one-time-at-bandcamp]

They simply found more oil..........

[davidc4430]

i rekon trump creates enuff oil to keep the USA going for a long time.

the truth is they dont know how much oil there is, or even where it is.

i do believe its not a never ending supply but we are told fibs a lot regarding just how much there is and when its going to run out.

too much money is made out of it for us to be told the truth.

[***super_nova***]

More oil has been found, but also technology progressed and oil that we could not access in the past became possible to extract.  And low quality oil that could not be economical to extract, can be now processed.  But that does not mean that we are not scraping the bottom of the barrel.  Countries like Iran, which depended on oil for everything, including power generation, know it and that is why they want nuclear power stations. 

There is oil in Alaska, but low quality and difficult to get to, and will be environmental disaster for the region.

Anyway, some countris are already talking about changing to electric cars in next few decades.

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[chameleon54]

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@***super_nova*** wrote:

More oil has been found, but also technology progressed and oil that we could not access in the past became possible to extract.  And low quality oil that could not be economical to extract, can be now processed.  But that does not mean that we are not scraping the bottom of the barrel.  Countries like Iran, which depended on oil for everything, including power generation, know it and that is why they want nuclear power stations. 

There is oil in Alaska, but low quality and difficult to get to, and will be environmental disaster for the region.

Anyway, some countris are already talking about changing to electric cars in next few decades.

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We are going to have to start moving towards other technologies as our whole ecenomic system is based around finite oil reserves.

It could take decades to develop battery storage technology and renewable energy systems that are genuinly ecenomically viable and practicle. Hopefully we have workable systems in place to enable a smooth transition from oil based fuels to renewables by the time oil really does become a rare and truly expensive product..