The End of Oil

Mother Jones has more from Paul Roberts:

For them, they’re in fat city. On the one hand, they are struggling to find more oil, so they know that they will need a new line of business in the next ten years or so. That’s why a lot of them are moving into natural gas. Not because it’s the clean fuel of the future, but because that’s what’s easy to discover out there. But for right now they’re making boat-loads of money and they are going to re-invest that money in whatever they choose. They can reinvest it in alternative energy, they can reinvest it in gas, they can reinvest it in R&D. Mainly, they’ll reinvest it in advertising to tell you how they are reinvesting it. As far as they are concerned, there will always be demand for oil, at least in the near term. U.S. demand may drop, but they can always sell it to the Chinese.