The oil conundrum

The oil conundrum

This cartoon from The Economist clearly depicts the new conundrum with fossil fuel usage.

Only a few years ago, we thought that oil would get scarce rapidly and high prices would solve the carbon emission problem by itself, making solar, wind, geothermal, etc sources of energy the most affordable choice and the public would flock to it. Today, we have discovered that through new ways of extracting oil, we aren’t going to run out of it anytime soon so resolving the carbon emission problem is not going to resolve itself through economics.

Hate to say it, but if governments are going to change the energy drug of choice to something more innocuous, they will have to take the same approach as to tobacco:  tax it big and put ugly warning labels on it. For oil, the ugly warning labels have already started!

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