Great! We figure the world's petroleum supply will last another 70 years, so let's continue to be spendthrifts and wastrels and let our grandchildren worry about the post-petroleum age. Some legacy.
According to what I read, 70 years is the high side of the depletion estimate. The low side is 35 years. We may be out of gas before we realize it.
Depletion will happen. It's already happened in this country. That's why we buy crude oil from the Saudis, et al. It's only a matter of time before it happens worldwide, so why not begin now to prepare for the inevitable?
I think the Alaskan oil fields should be left untapped as a hedge against the future. In 20 years it may be possible to extract that oil without doing irreparable harm to the wildlife reserves. The oil industry may cry and complain about its profit margins, but we are facing a much bigger problem.
We're on a collision course with economic and political disaster. The subject may be the Big Yawn for the Republicans, but they are the ones with the larger political stake here. Capitalism may be the first thing to go when the oil runs out.
Don't laugh. It's coming.
VIRGIL H. SOULE