1) Some of them are still here.Frank the Tank wrote:Whatever did happen to all of the "End Of The World As We Know It!" folks who were proclaiming we were on the cusp of a global apocalypse just a few years back? I read back through the various gloom and doom and $150/oil barrel threads, and I don't recognize a lot of those names, so I can only assume these are people who've since left the board. Did they actually go live off the grid, as some were (loudly) saying they were going to? Or did they just grow up a bit and move on to other, less dramatic, things?
2) A lot of them don't post nearly as often as they did. Peak Oil-ism reached its high point about five years ago. People who were then in college are now out of college and working their asses off.
3) Others no longer post at all, in at least one case because they no longer feel that the board presents a tolerant political climate for their (admittedly eccentric) views. Some people who feel this are still around but post a lot less; reasons (2) and (3) can interlock.
4) So far as I know, most of the people who posted such material have in fact either:
4a) Changed their minds, or
4b) Postponed their conclusions.
See, a lot of the doom-gloom "Peak Oil is The End of the World" is simply predicated on the following:
A) Oil supplies are finite
This is obviously true.
B) Sooner or later, we will run out of new sources of oil that are economical at the current price point.
This is obviously true, strictly speaking, because of (A).
C) When this happens, the price will go up until supply can be profitably expanded to meet demand.
This is also a self-evident truth; it's basic supply and demand economics.
D) Because of (A), sooner or later this will no longer be possible.
Again, self-evident truth.
E) When this happens, the price will stop rising to match the price of production. Instead, prices will be set by a 'bidding war.'
This is also basic supply and demand economics. As an analogy, when five men are starving for lack of bread, and there are only four loaves for sale, the price of bread increases until one of the men literally cannot pay and goes off to eat some grass instead. As a result of which...
F) During the bidding war, the price will increase rapidly until the lowest bidders for oil are priced out of the market.
Note that this is fundamentally different from price spikes caused by speculation.
Speculators cause price spikes by going like this: "I have enough supply to meet demand, but I'm not selling it at this price. I'm sitting on this oil because I expect to make more money selling it next week." Running out of oil causes a price spike because of "I literally can't pump out enough oil to supply everyone who's offering to buy at the current price, even if I wanted to. I might as well make some more money off this while the getting's good, so I will jack up my prices to $200 a barrel and invest the money in alternative extraction methods that are profitable only at or near $200 a barrel."
There's a difference. Then we move on to:
G) A spike in the price of oil which does not go back down (i.e. not a speculation bubble) will have a severe, disruptive effect on society.
Experience tells us that this is almost certainly true to some extent, ever since the 1973 oil crisis (or, for that matter, the collapse of German oil supplies in WWII). Exactly how much disruption will occur is hard to predict.
If you're pessimistic about the ability of modern societies to cohere in the face of adversity, then you'll take "severe disruptive effect" and translate it as "society falls apart, sheer chaos, dogs and cats living together, mass hysteria!"
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So that's the shape of the "peak oil we're fucked" crisis. To turn it into a true doom and gloom scenario you make pessimistic assumptions about (G).
Now, oil getting temporarily cheaper does not prevent this crisis. It postpones this crisis. Basically what happens is that the 'bidding war' phase in parts (E) and (F) suddenly gets cut short by the introduction of a new method of extracting oil (say, undersea drilling, or fracking). It turns out that oil companies have a lot of backup plans in place for avoiding the problem of running out of oil abruptly, so whenever it looks like the price point is going to stay permanently 'too high' they can break out a backup plan. They say "holy shit, oil is $100 a barrel, this fracking idea we've been playing with since the '70s is suddenly going to be profitable!" and the price goes back down a little.
This has repeatedly postponed the effects discussed. It also makes them less abrupt, because we're less likely to be plunged rapidly from $100 a barrel "business as usual" conditions to $200 a barrel "bidding war" conditions in a hurry. Instead the process tends to stop temporarily whenever the price point makes a fundamentally different type of oil production economical.
If we are quite fortunate, this process will repeatedly kick in in the future, smoothing out the sharp transition from "business as usual" to "bidding war over scarce resources," allowing us to take our time and figure out how to adapt our economy to the problem of oil scarcity. If we are not fortunate, well, we still get major social disruption with or without fracking. At most, the fracking postpones the problem by another decade or two.
Since being fortunate requires (among other things) that the government adopt some fairly sensible policies toward R&D, urban planning and other areas where we will need to have the right solutions in place to cope with oil scarcity before that scarcity hits... well. That contributes to pessimism, especially in the English-speaking countries whose governments have done little in the way of competent long range planning in the past few decades.
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Side note: the social disruptions in (G) do not occur at peak oil; peak oil is simply the moment at which new reserves are being found at a rate lower than the rate at which old reserves are consumed. However, it will still occur eventually, because if you keep not finding new reserves, sooner or later your old reserves will be insufficient to meet demand.