this post was submitted on 06 May 2024
872 points (96.9% liked)
Technology
59588 readers
3084 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
There's not going to be a moment when the world suddenly goes from having oil to having no oil. Some oil reserves are relatively cheap and easy to extract. Other, very large reserves are currently so difficult and expensive to extract that doing so isn't profitable. As the easy oil gradually runs out, the supply drops, the price rises, and sources of oil that were not profitable at the old price become profitable. This maintains the supply of oil and stabilizes the price.
Eventually oil will become so expensive that alternative technologies will be cheaper than it. This will happen with plenty of hard-to-reach oil left. So it's true that the amount of oil is in principle finite, but that limitation isn't really relevant.
We’re already there. If you remove the subsidies for oil and tariffs for Chinese EVs, driving a EV would be the cheapest solution.
So prices will go up until you and me will get around with rickshaw. Whoever is poorer pulls the other. And while we bump forth; we wont have to worry about continued plastic pollution. Our rickshaw is made of metal and wood.
Carbon prices and other incentives and disincentives can help accelerate this, and renewable tech and green(er) manufacturing will play into this too. I suspect (and hope) the decline in oil usage will happen well before we run low on it.