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The oil apocalypse is here (www.youtube.com)
submitted 1 month ago by to c/collapse@slrpnk.net
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What began as one oil shock has now multiplied into three separate catastrophes – an oil shock, a shipping shock, and a refinery shock – each triggered by a different war in a different part of the world, culminating into a global catastrophe that’s already hitting. This video would not have been possible without reporting by Bloomberg, the Wall Street Journal, the Financial Times, Reuters, CNN, Defense Express, Marine Link, and others.

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[–] 1 point 1 month ago (2 children)

No it can and it likely does to an extend right now. So far we had three events, which actually lowered oil consumption. One was the 2008 financial crisis and one was Covid. The third was the last time the Strait of Hormuz had serious issues, namely the Iran-Iraq War. That actually lowered oil consumption by enough to lower global primary energy consumption. That obviously picked up after that again, but today we actually have EVs, wind, solar, heat pumps and so forth. We also see attacks against Russia fossil fuel infrastructure. Also the global population grew a lot faster after 1979 then it does today.

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  • [–] 3 points 1 month ago (1 child)

    I don't think what you said supports what you mean. Yes fossil fuel consumption goes down in crises. The problem is they are crises. Temporary until new energy comes online.

    I think I follow the population growthrate changes, but even aging out our populations with status quo is why I said by the time we get there to permanently shrink fossil fuel use, we'll be at +4°C and well have other factors affecting population and consumption. None of which are desirable.

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  • [–] 1 point 1 month ago

    Temporary until new energy comes online.

    That is my point. The new energy does not need to be fossil fuels. We had similar oil prices in the early 2010s for years. That was without any major supply disruption. Since then inflation has been pretty high, so in real terms the oil prices back then were actually worse. We therefore very clearly have demand destruction not due to the oil price being too high, but demand destruction. That is without a major financial crisis or virus.

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