UndercoverElephant wrote: ↑05 Sep 2023, 10:47
The main thing the peak oil theorists got wrong was the price of oil. They assumed that as production failed to keep up with demand, the price would just stay high, slowly throttling the economy. and gee....
You are describing peak oilers being ignorant of basic economic principles, not just price. I agree with the idea, with that correction.
UndercoverElephant wrote:
They did not predict that the sub-prime mortgage market in the US would collapse (triggered by high oil prices, but an accident waiting to happen regardless), they did not predict the scale of the reduction in demand, and they did not predict the massive scale of fracking, which has delayed the decline in production even though it has mostly been unprofitable.
You are mixing and matching geopolitics with peak oilers, otherwise known as "those folks who pretend bell shaped curves cure cancer". They ignored economics, they ignored supply and demand, bell shaped curves trumps all. And 2/3's of hydraulic fracturing was 20th century, not 21st (circa 2015), so no one can claim to not understand the primary completion technique in the US stretching back BEFORE Colin Campbell claimed global peak oil in 1990. Or its scale, which requires nothing more than reading trade press and counting up frack crews available.
And please, sell "unprofitability" to philosophers, peak oilers and pinheads, but stay away from those making money doing it at $20/bbl and $2/mcf in the late 80's and early 90's. As far as the buildup phase to "world's largest producer of oil and gas....again" in the late 201X timeframe where it was all about rate of growth and not profitability, turns out to be the prelude to
The Oil Majors Are Flush With Cash.
"Flush with cash" isn't usually where you end up after "mostly unprofitable".
UndercoverElephant wrote:
A lot of people also failed to anticipate the massive intervention of governments to bail out the banks in 2008 -- socialism for the rich on a grand scale, instigated first by a nominally socialist UK government.
Few anticipate the future indeed. Yet peak oilers were pretty insistent about those bell shaped curves. Because, you know, it was REAL science, none of that fru fru humanities or social science nonsense. Hard to hold them accountable as though they were even paying attention, when they weren't.
UndercoverElephant wrote:
Personally I was never that interested in the immediate economic consequences, or in the details of the way collapse plays out. I am interested in the big picture, deep understanding and long-term trends. And in that sense, things have been pretty much unfolded within the range of my expectations not just since 2008 but ten or twenty years earlier. The writing has been on the wall since the 1980s.
Depends on what you mean by "writing".