So we disagree. As far as I’m concerned, as long we’re IMPORTING oil, we need that reserve. If oil is cheap, then simply top it off.
It’s not one or the other. Both require money from China, so do both.
So we disagree. As far as I’m concerned, as long we’re IMPORTING oil, we need that reserve.
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Oil production is rising so fast that in only 18 months or so, we will have achieved oil independence from all the world but Canada. (I think there is enough production increase built into current plans to allow for production increases even in the face of falling oil prices.)
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If oil is cheap, then simply top it off.
Here, as I mentioned, I think that in five years or so the alternate fuel cars & trucks start to take a bite out of oil demand. That bite will get ever bigger. Oil will get cheap and stay cheap.
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It’s not one or the other. Both require money from China, so do both.
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On this I think that the manufacturing revolution in 3d printing and advanced robotics will result in the reshoring of manufacturing back to the USA. There are big shifts in capital flows coming.
There are two things that have happened since the 1970’s. The US middle class wages have stayed the same while roughly a billion people around the world have entered the middle class.
I think that’s the result of the weak dollar.
I’m not so sure that the world we’re entering doesn’t require a strong dollar.
However, its clear to me we’re at the beginning of the end of the oil age. Oil will live on like coal did after the end of the 19th century. But oil will be much less central to modern life in only a decade from now.