“World oil prices routed to 49 dollars per barrel today amidst weak global demand. It’s a sea change in the oil and energy markets that is now in the process of rattling many previously well established oil ventures to their foundations. A shot across the bow that may well signal the beginning of the end of crude due to a combination of expensive production, competition by renewables and efficiencies, and a widespread recognition of ramping hazards from human-caused climate change. Photo: Fracking Pads stretch as far as the eye can see in North Dakota’s Bakken Formation (Image source: Greenpeace).
“Within 5-10 years the next price war on marginal oil may well be spear headed by renewables themselves. And that is a good thing, because in order to prevent the very worst impacts of human caused climate change that geological firewater needs to remain where it belongs — in the ground. In other words, there’s good reason not to want that fracking crude.”
GR: This is an excellent review of the current global oil market. As Scribbler points out, there has been a huge sacrifice of nature for oil profits. Scribbler also included the photo below in his article.