TL;DR - running out of oil will destroy the economy for the rest of our lives. And seriously, that's barely paraphrased!!
The author has gone down the path of no return. Instead of testing his hypothesis against facts that might disprove it, he cherry picks doom and gloom facts that prop up his crazy idea.
I'd go into a more detailed deconstruction, but honestly, it's not worth the time. Go spend your time with someone who understands the oil & gas business as well as economics. This guy does not.
Despite the article not being the best, it still baffles me that oil prices are so low. It's a finite quantity. Unless demand goes to 0, the price will go up.
TL;DR - running out of oil will destroy the economy for the rest of our lives. And seriously, that's barely paraphrased!!
The author has gone down the path of no return. Instead of testing his hypothesis against facts that might disprove it, he cherry picks doom and gloom facts that prop up his crazy idea.
I'd go into a more detailed deconstruction, but honestly, it's not worth the time. Go spend your time with someone who understands the oil & gas business as well as economics. This guy does not.