Out of gas
We are almost out of oil.
I am restating this as it seems to be being ignored. While the gap between the wealthy and poor increases, governments are responding with a message of growth. Translated = more of the same with fewer rules and protections.
It should be the ambition of everyone on be planet to eschew the illusion of wealth for the pursuit of low environmental impact but sufficient heat and light and food. The only way to achieve that is to use our oil like the precious and finite asset it is to build a sustainable infrastructure for a team beyond its availability.
Why is this so hard?
Oil-producing countries and companies have a vested interest in maintaining the perception of long-term oil availability, as acknowledging imminent depletion could have significant economic, political, and market consequences. For instance, publicly admitting that reserves are nearly exhausted could lead to a collapse in investor confidence, driving divestment from fossil fuel assets and accelerating the transition to alternative energy sources.
Furthermore, national economies that rely heavily on oil exports, such as Saudi Arabia and Russia, depend on the stability of global oil markets to sustain government revenues and economic growth. If depletion were widely recognised, it could prompt importing nations to diversify energy sources more aggressively, undermining the geopolitical leverage that oil-rich nations hold.
https://www.opec.org/opec_web/en/994.htm?utm_source=chatgpt.com
At a corporate level, oil companies are obligated to maximise shareholder value. Acknowledging that oil reserves are dwindling could reduce stock valuations, making it more difficult to secure financing for ongoing operations. Instead, firms often emphasise technological advancements in extraction and discovery of new reserves to reassure stakeholders.
https://www.bp.com/en/global/corporate/energy-economics/energy-outlook.html
Ultimately, the economic and strategic interests of oil-producing entities incentivise them to project confidence in long-term supply viability, even as geological and economic constraints suggest a future of declining output. This dynamic contributes to ongoing uncertainty regarding the true lifespan of global oil reserves.
Do we have to let oil run out?
#netzero #climateaction #foodsecurity