Quote:
Originally Posted by Frequitude
While there is some truth to what you say, it is very different compared to the 70's. The world can't up supply nearly as easy. In the 70's, Saudi Arabia just cranked open their wellheads when needed, but they've since found that that damaged their superfields. They manage them much more carefully nowadays.
So yes, certain high risk sources are becoming more economically viable, but we can't up supply even remotely close to as easily...
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Sure, but instead of increasing supply, demand will just go down even more. There wasnt really a big fundemental change in lifestyle in the 80's..that is what is different now...lifestyles are changing to try and rely less on oil. Personally i spend less than 60 dollars on gas for my car a month. I live in an area where i can walk to most places i need to go or be. I also ditched my office and now work at home. Not everyone will be able to do that, but people who can will...and others i know now take transit instead of driving. When the cost of living is high people will cut costs, just like corporations will - all of this will help bring prices down.