i think of our energy problem like skimming a flat stone across water
first there is a big bounce, then the bounces decrease until the stone loses all it energy and sinks without trace
yes there’s a lot of oil still in the ground, but whereas 100 years ago we got 100 barrels worth of energy back for every barrel we expended to get it, now we are down to 20 barrels or much less for every barrel we expend. (They are the best wells) Tarsands return only 6 :1 or less
that is the critical situation we face, and the one which we refuse to accept
our growth (the skimming stone) can go on forever, according to political promises
they correctly point out how much oil is still in the ground (and coal) but fail to mention the cost of getting hold of it.
Our current level of prosperity is sustained by debt, borrowing money on the promise of all that oil as collateral. That thinking is coloured by our past 100:1 returns.
Those days are over.
No fracked wells actually make money, only conventional wells make money. But because money has nowhere to go, it is poured into fracking in the hope of turning a profit in the future
Which it will not do
When the finance pot is finally empty, the oil economic system will cease to function.
But for the moment fuel pumps still work and supermarkets are still full.