Has Abbott been jolted awake from his coal-fired stupor yet? Has the Australian
Senate taken the leadership role we have long hoped for?
If science doesn’t convince, the markets eventually will. This article and quote
from the UK Telegraph is yet another of many showing that the fossil fuel bubble
is going to burst.
Quote: The cumulative blitz on exploration and production over the past six years
has been $5.4 trillion, yet little has come of it. Output from conventional fields
peaked in 2005. Not a single large project has come on stream at a break-even cost
below $80 a barrel for almost three years.
“What is shocking is that upstream costs in the oil industry have risen threefold
since 2000 but output is up just 14pc,” said Mark Lewis, from Kepler Cheuvreux. The
damage has been masked so far as big oil companies draw down on their cheap legacy reserves.
The Economist is giving similar warnings to Scotland as it prepares for a referendum on independence.
What will they live on once the oil is gone?
We await our fearless leader’s plan for an Australia after fossil fuels.