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Originally Posted by moncton golden flames
could you elaborate?
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Well supply shocks from climate change will be much more acute than supply shocks from peak production. There are still massive amounts of fossil fuel resources in the world. If conventional reserves deplete we will go for non-conventional ones. Peak oil assumes that prices will run away and never come back. But never underestimate the power of price signals. If a $5/l of gas is considered to be relatively stable then a whole bunch of gas production methods become economically viable. Once those come online the price will stabilize to new supply and prices will stop running away. Without runaway prices peak oil armageddon mongers are without a believable premise.
Now, climate change on the other hand is real and happening. If climate starts to runaway then we will see policy-induced supply shortages of fossil fuels which will drive their prices up enormously. The difference here is that the supply of fossil fuels left to burnt to affect runaway climate is much smaller to the known reserves and resources of fossil fuels.