Environment & Economics: Energy Limits
From 9/28 I was watching a video from a couple years ago and was reminded that we are currently experiencing (and benefiting from) low fuel prices due to oil-producing nations like Saudi Arabia dropping the price per barrel to a level that will bankrupt the Western (USA) fracking operations whom begin to lose money if they cannot sell a barrel of oil for more than $50, and of course to tank Russia's economy. This is not hurting them one bit. Recently President Obama sanctioned the sale of billions of dollars' worth in military equipment to the Saudi's. The Saudi's are not stupid. They are still going to make bundles off their oil and they will likely hold onto a certain amount (never to sell) to fuel their military infrastructure. The oil in the earth that we extract for fuel is the result of over 300 million years of photosynthesis, we are on a trajectory to exhaust in the not too distant future and are on the down-slope of the oil-plenty peak. Which brings me bac...