103 comments on CBC: Your Basic Petroleum Depletion Story (a Story You're Likely Going to be Seeing a Lot More of Soon)
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103 comments on CBC: Your Basic Petroleum Depletion Story (a Story You're Likely Going to be Seeing a Lot More of Soon)
Comments can no longer be added to this story.
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Prices have been low the last 24 years (except just recently), you have to go back further to get the picture.
All those new high energy users are going to be conservationists like you wouldn't believe! :-)
Prices have not been low in the last 24 years--they hit their historical peaks during this period. You need to check your data. Be sure to control for inflation. Be sure the data is from a reliable source:
BP Anual Statistical Review, 2006
US Inflation Rate Conversion Factors
?
The BP table gives 1980 as the peak for prices. That's more than 24 years ago.
But if your point is that once prices began to fall, there were no further decreases in per capita consumption even though prices were still rather high for a while, I'll grant you that. The expectation of rising prices was gone and so was the incentive to conserve.