“Thirty years from now there will be a huge amount of oil - and no buyers. Oil will be left in the ground. The Stone Age came to an end, not because we had a lack of stones, and the oil age will come to an end not because we have a lack of oil.” - Sheikh Yamani, former oil minister of Saudi Arabia. This is a really interesting article suggesting Saudi Arabia is seeing a new and massively changing energy landscape due to carbon reduction and the rise of renewables and that their move to flood the market with their oil is driven by their belief that the demand for oil will disappear in the near future. So every barrel they sell now, even at a tiny profit, is more valuable than a barrel that will never be sold. Fossil fuels are very quickly dying. Oil is dying. Coal is dying. Gas is dying. Australia needs to get out of these dirty fuels and become a global leader in the renewable energy revolution. We are sun rich, wind rich, waves rich but Abbott and his rich backers have driven away the investment we need. These dinosaurs need to get out the way before the future squashes them.
Posted on: Tue, 13 Jan 2015 07:00:00 +0000
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