Age of Cheap Oil Is Over: IEA's Chief Economist

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maveri's picture
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Joined: Nov 20 2008
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Age of Cheap Oil Is Over: IEA's Chief Economist

I found this quick discusion quite enlightening.

The IEA are normally fairly conservative are they not? This guy isn't being conservative.

Basically, he's saying cheap oil days are over. The current prices are not high at all. The world needs to move away from fossil fuels. Forget about non-OECD oil sources. Deep and offshore wells are needed to get every last drop bla bla bla

If people need to wait to hear it from an offical source that the age of cheap oil is over, then this is it I guess.

Still, there are a huge number of people who have grown up thinking that the government will save their bacon! Not so people - the current GFC should have taught you that governments are made up of individuals, individuals like you and I and they will save their own bacon first in a squeeze.

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Gone are the days when governments look out for the masses I'm afraid. I used to work in government, we used to have 20 year plans - yes, 20 year plans - that has long since gone, replaced by the tyranny of the urgent. It's the blind leading the blind now. People are often elected on their political carisma. In the past societies valued knowledge by way of experience. That got thrown out and we got a bunch of politicians who smiled nicely and promised the earth but had no real understanding by way of experience. Now that a crunch has come these knowledgeless people are running around trying to amass the knowledge they should have had to get the jobs in the first place - so they gather to themselves other folks who tell them what they want to hear and you and I get screwed in the meantime. Don't sit there waiting for these bozo's to save you - get your house in order and look after yourself. That's my 2c worth. Yeah, I am synical of government because their track reacord leaves me no other choice and having been part of a government body that actually worked well to how they operate now - I see the difference and it's not good! Not good for you or I and not good for the populace at large.
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