this post was submitted on 21 Dec 2023
268 points (98.2% liked)
Technology
59267 readers
3726 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Unfortunately they will, and this is where a responsible government should step in to manage the market for our future, not just for our right now or oil companies profits.
The problem is that we’re not running out of oil reachable with current technology, fast enough. Peak oil is likely driven by reductions in demand, rather than supply, which pretty much guarantees lower prices. I would bet this will be a drawn out process with multiple cycles of demand decreases driving down prices, leading to shrinking oil supply industry leading to higher prices.