Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb
Mt. Rushmore: Three surveyors and some other guy.
Life goes on within you and without you. -Harrison
Hear the echoes of the centuries, Power isn't all that money buys. -Peart
After you learn quantum mechanics you're never really the same again. -Weinberg
What I've missed so far in this thread is the understanding that the Oil Companies are international companies. To insure the most profit they need to control supply, which they do. When running a commodity supplying company one increases profit by having at least the threat of a shortage. Investors, middle men, take care of the rest. Oil Companies want to get leases for future drilling, but they don't want to over drill. There is not an oil shortage, just a managed supply; and the management of the supply is working very well for the oil companies right now.
(We will eventually run out of oil. But the Oil and Coal Companies don't want preparation for that. Especially if an alternative energy source developed to the point of being cost competitive.)
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Same concept could be applied to oil. If ME oil became expensive for such a reason, wouldn't that just make our own oil more attractive economically?