I'm still a bit on a guessing part about the oil reserves and prices. As for now I suppose oil reserves should be sufficient for a few decades from now - so the whole fear to run out of oil, at least to the point it's promoted in the media as of now, seems a bit exaggerated. Let's just assume you're selling oil and think you get paid too little - or want to make more profit. Well, scientists already proclaim the oil reserves are limited and in addition we have a bright new panic topic called global warming so using less gas in "in" (note: I DO think global warming is a real problem, perhaps not to the extend it's portraied in the media - after all I've probably seen too much media induced doomsday scenarios - asteroid impacts anyone?).
Anyway, you realize selling more oil just doesn't seem like a good plan on it's own, since your costs do increase by pumping more and your source will deplete even earlier. The logical step is to greatly exaggerate the problem of oil shortage and have some guys at the stock exchange artificially raising the price - et voila, a nice increase in revenue paired with a automatic prolonging of your actual resources, since higher price will force people to use less. Also it allows you to make new resources available, which were not economic before the price raise. And the best part of it is, that you can always blame other for the increases. The stock exchange guys, the Chinese for needing more oil, the automotive industry for building such thirsty cars. If that's not a clear win I don't know what is. [Note that this is just a thought-experiment, I'm not saying it IS that way, more like it COULD be]
So will we run out of gas? Yeah, sometime we will. Will we be fucked then. Well, my guess is not, since by then I still assume we will have found a way to replace oil for most applications. Always remember that revolutions and global breakdown of society don't serve any good to whoever is in power - and that includes big companies. But making peolpe FEAR such things will happen serves everyone since they WILL be willing to pay more just to avoid their existence being shattered. Right now I suppose they only try to find the sweet spot for oil prices - the one where everyone moans but noone starts a mutiny.
Anyway, you realize selling more oil just doesn't seem like a good plan on it's own, since your costs do increase by pumping more and your source will deplete even earlier. The logical step is to greatly exaggerate the problem of oil shortage and have some guys at the stock exchange artificially raising the price - et voila, a nice increase in revenue paired with a automatic prolonging of your actual resources, since higher price will force people to use less. Also it allows you to make new resources available, which were not economic before the price raise. And the best part of it is, that you can always blame other for the increases. The stock exchange guys, the Chinese for needing more oil, the automotive industry for building such thirsty cars. If that's not a clear win I don't know what is. [Note that this is just a thought-experiment, I'm not saying it IS that way, more like it COULD be]
So will we run out of gas? Yeah, sometime we will. Will we be fucked then. Well, my guess is not, since by then I still assume we will have found a way to replace oil for most applications. Always remember that revolutions and global breakdown of society don't serve any good to whoever is in power - and that includes big companies. But making peolpe FEAR such things will happen serves everyone since they WILL be willing to pay more just to avoid their existence being shattered. Right now I suppose they only try to find the sweet spot for oil prices - the one where everyone moans but noone starts a mutiny.