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Originally Posted by IliketoPuck
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.
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Actually..
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A study by the environmental group Greenpeace found that last year, all of China's additional energy needs were met by green energy, as its growth outstrips the use of coal and oil. In fact, the level of coal-generated electricity has declined for three years in a row.
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http://www.cbc.ca/news/world/china-p...823786?cmp=rss
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