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But you're right in that the demand side is totally ignored.
Almost anyone who issues estimates of their oil reserves has motivation to exaggerate it. As Dr. Colin Campbell observes, while oil reserve numbers have increased since the 1970's, almost ALL of the increase is due to 're-stating' reserve figures -- almost none of it is due to actual discoveries. According to Campbell, we are only discovering one barrel of oil for every four consumed nowdays, and we've pretty much run out of places to look (except...MARS!).
But it's on the demand side that we are more likely to get quickly stomped.
Consider this: India's economy is picking up quite a bit, thanks to the influx of tech jobs. How many of those Indian tech workers are going to decide that now is the time to upgrade that little scooter to an actual automobile? How many would enjoy air conditioning in the hot Indian summer? As someone pointed out recently, the new tech-supported middle class in India is larger than the population of the entire United States.
And then China: China's oil consumption has been increasing at a near geometric pace the last couple of years. Do you suppose the Chinese will soon want cars and televisions and microwave ovens -- maybe even an SUV here or there? Hope NOT! There are over a billion of them, too!
One day very soon, the developing world will realize that the lie of neoliberalism (ie., the IMF 'strategy') is that they will be able to live like Americans some day. It's become quite clear that they will not be able to, since there just isn't enough to go around with our present usage habits. What do you suppose will happen when most of them figure this out?
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