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There is a well-developed economic theory of exhaustible resources. Obviously one needs to develop alternatives to resources which will be exhausted in, say, a year. But, a century? Five centuries? In a nutshell, prices tell us when to start exploring for alternatives. And so long as prices for the incumbent resources are far below those of the alternatives, we stick with the existing supply.
yeah, but when oil starts getting scarce, it's going to be pretty bad if we don't have something else developed. it will also continue to be bloody. sitting on our hands and hopping merrily about like the grasshopper in September is poor energy policy. we need to be more like the ant.