Quote:
Originally Posted by Leeman4Gilmour
Just to clarify;
From the Exxon article;
From the Shell;
But, still, a sign that the transition to a cleaner energy sources is continuing.
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People have been predicting "peak oil" for a long time, and demand keeps growing at 1.2MMbbl/d/y.
I'm curious how ongoing industrialization and modernization in China and India will effect oil demand. Personally, I don't see those economies satisfying their massive needs for energy with solar panels, but that's just me.
As for Exxon's reserves. The company reports under U.S. GAAP, which requires it to permanently write down reserves if they are deemed economically unrecoverable at current prices. It is an accounting necessity. It doesn't mean that Exxon is abandoning the oil sands, or that the peak oil oogabooga monster is hiding under your bed.