You're drifting off in known knowns and unknown unknowns. I remember sitting in class in the mid seventies and being told that there absolutely no way that there will be any oil by the year 2000.
Now strangely enough I distinctly remember filling my car twice weekly since 1987 to today with barley a hiccup.
Of course oil will get more expensive again. I believe I stated that way back but that doesn't mean it's running out. Gold isn't running out but the price has gone up periodically since it was first discovered. Partly because it has a value but predominately because it has a perceived value. (oil is the opposite but affected none the less...)
The De-Beers have held diamond value way beyond it's real value by hyping it's perceived value. There are loads and loads of diamonds sitting around in vaults but De-Beers won't release them as it would flood and drive the market down..Champange is the same, It's sparkling wine and there are cellars full of the stuff going moldy but they won't release it as it affects the market.
OPEC wouldn't turn the tap up primarily because they felt there really wasn't the demand. but the speculators drove the market clutching on to any accident, tropical storm, ship wreck and uprising as justification for their ramping.
World war, famine and alike will ensure world oil supplies won't run out for a good time yet..
Sleep easy
Cheers
Richard
Now strangely enough I distinctly remember filling my car twice weekly since 1987 to today with barley a hiccup.
Of course oil will get more expensive again. I believe I stated that way back but that doesn't mean it's running out. Gold isn't running out but the price has gone up periodically since it was first discovered. Partly because it has a value but predominately because it has a perceived value. (oil is the opposite but affected none the less...)
The De-Beers have held diamond value way beyond it's real value by hyping it's perceived value. There are loads and loads of diamonds sitting around in vaults but De-Beers won't release them as it would flood and drive the market down..Champange is the same, It's sparkling wine and there are cellars full of the stuff going moldy but they won't release it as it affects the market.
OPEC wouldn't turn the tap up primarily because they felt there really wasn't the demand. but the speculators drove the market clutching on to any accident, tropical storm, ship wreck and uprising as justification for their ramping.
World war, famine and alike will ensure world oil supplies won't run out for a good time yet..
Sleep easy
Cheers
Richard
