The Oil Drum | Is it time to start exploring again?

Is it time to start exploring again?

Posted by Yankee on September 13, 2005 - 12:02pm
Topic: Geology/Exploration

Forgive me if this has been discussed in depth recently—I haven't always been able to keep up with everyone's extensive comments lately. But the most recent post from Environmental Economics might be of interest:

Incentives for Oil Exploration
Last month I posted a list of predictions from the simple economics models of depletable oil stocks. Those predictions were:
INCREASING OIL PRICES create the incentive to invest in transitional technologies. PRICES OF ALTERNATIVES FALL with investment. CONSERVATION OF EXISTING STOCKS will ease the transition.
Well, I forgot one. Higher oil prices create the incentive for existing producer to INVEST IN EXPLORATION.

Read the rest of the post.

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“Of all races in an advanced stage of civilization, the American is the least accessible to long views… Always and everywhere in a hurry to get rich, he does not give a thought to remote consequences; he sees only present advantages… He does not remember, he does not feel, he lives in a materialist dream.”

—Moiseide Ostrogorski (1902, 302-303)