Colin L
High-tech low-life
That comment was based on what a friend told me a while ago. He was head of BP geo physics Europe until recently.
Oil shortages and the resulting price increases have happened in the past and will most likely happen in the future.
I can agree with the second sentence. The new oilfields left to be exploited in the North Sea are relatively small accumulations that aren’t economic (at practically any price) unless they are tied into existing ageing infrastructure. Waiting around for a time of oil scarcity won't work if their are no pipelines or onshore terminals available to use.
Ive worked in the oil industry for 40 years.