Just in from the Wall Street Journal: http://on.wsj.com/ihxhyP
ExxonMobil reports they are finding less oil than they are pumping out of the ground. In other words, we are past peak oil and even the largest company in the world agrees.
Of course, they defend their business model by saying that they are switching over to natural gas and everything is fine. But this is one more giant message about the impending crisis. Oil prices will continue to rise until massive adoption of alternatives undermine oil’s pre-eminence in the world’s energy markets.
I suggest alternative adoption already. In many cases, the business of alternatives is viable. Energy efficiency already has a great return on investment in a variety of measures.
There will be a lag between when information about oil really penetrates investment decision structures in global capital markets. But those who begin the transition process and build out non-oil infrastructure will be advantaged going forward. Who will be the leaders in this new world of post-oil energy supply? I’m excited to watch, esp. as we go toward climate neutrality.