Profit is not everything.
> That being said, many countries consider it a national security issue not to be held hostage to foreign oil.
Spot on. That, plus... peak oil.
> That being said, many countries consider it a national security issue not to be held hostage to foreign oil.
Spot on. That, plus... peak oil.
It is clear at this point that peak oil was another failed Malthusian projection. I don't think peak oil is guiding much national policy aside from the national security aspects.
Interestingly, Venezuelan extra heavy sour crude oil is not profitable to use at $55 a barrel, the price before the Iran war, but is profitable when it's over $90 a barrel.
It's easy to make money when someone else pays the costs but you get to keep the revenue.
Global peak is estimated to be around now (a few years ago maybe?).
I don't think you were downvoted for that; instead, I think you were downvoted for saying "This is wrong" when GP commenter claimed the peak oil has been predicted decade after decade. GP also just said "peak oil" not "peak conventional oil" so I'm unsure why you brought up that distinction?
A better reply might have been "Peak oil has been wrong decade after decade, but current projections are somewhere between 2025 and after 2050. Additionally, if we restrict it to only specific geographic regions, or to only a subset of oil extraction, it occurred in the mid-2000s instead of the original global projections of between 1922 and 1960."
I'm not the one that downvoted you.