> This is what happens when it's too cheap to pump oil out of the ground and put it in everything you consume.
Sort of. Why is oil cheap now?
Oil is cheap now, fewer people will extract it. Exxon is reporting historic losses. Occidental went bankrupt. Shale extraction and deep sea exploration both are suddenly uneconomical. Isn’t this a positive?
Was there a reduction in demand? Sure. There was a huge reduction in speculation! People are still buying plastic, but dumb money (like USO and Chinese hedge funds) actually sent oil prices negative. Something inconceivable from a reduction in demand alone.
Do you have to burn the oil you buy? It is toxic waste that belongs in the ground. You could buy oil resources (extraction) relatively cheap right now and simply leave the oil in the ground.
People hate this line of argument, they hate it a lot more than recycling, like who’s going to go and buy oil futures, take delivery and not burn the oil?
People already do this with e.g. rainforests and land conservation and it’s basically the only 100% market-based, bulletproof land conservation process - buying land and like, not chopping the trees down or mining it. Maybe the same people who hate buying oil and not burning it also hate land conservation. Maybe they hate that forest protections make natural resources more valuable, thereby enriching the bad guys. It certainly feels shitty, giving these oil bastards free money. No simple answers here.
Besides what would happen to prices if people bought more oil than they need? Prices would rise, encouraging people to extract. Or prices would not rise, simply because speculators are terrified. Who knows! Lumber prices rise and fall all the time, despite forest under legal conservation having increased over time.
Anyway, if you know where prices will go, trade oil futures and become a billionaire. Also it’s only cheap for Saudis and Russians to extract oil. What do you want to do, invade?
I’m just trying to litigate the #1 misunderstanding: the relationship between oil prices and pollution. It is impossible to predict how oil prices alone will affect pollution. Prices are both cause and effect.