Suppose we’re trying to find solutions to transport using fossil fuels and power. In that case, the cost will be the determining factor for demand and supply as the price is too high, the entrepreneurs will seek alternative ways to power and propeller vehicles. This is the way things are done in the actual world. Now, I am aware of how many environmentalists, academics, and religious doom and gloom alarmists are concerned about warming. They don’t like that solution. They are determined to destroy the oil industry and have us all cease using fossil fuels. However, they can’t come up with a viable solution.
Perhaps an answer isn’t required, at least not at present. When the cost is high, or we are in the middle of an oil peak in the future, the market businesses, entrepreneurs, and individuals can solve the issue. More funds are being put into research and development, and alternatives will be found that are available on the market.
The author says that “it is important to be aware and accepted that nations subsidize the oil price to ensure that the struggling masses can afford the cost of oil to live. However, once these countries are cannot afford to pay the price for oil production, social turmoil and the demise of society are likely to ensue. Some rhetorical questions! What is the cost of a gallon of gasoline in the USA that will cause riots on the streets?
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This is the case across many countries. We observed this during the crisis in Nigeria, where the federal government cut off providing subsidies for oil to the masses, and the cost soared. In Kuwait, water is more expensive than diesel or refined gasoline fuel. A lot of nations are subsidizing the prices of fuel and oil. It is, however, in their naiveté, and it has more to do for socialism as a way of sustaining a false economy as opposed to digital oilfield solutions being the source of economic turmoil, protests, rioting, or perhaps, a be the cause of a collapse.
It’s not right to attribute the oil industry or capitalism based on free-market principles to these problems. If these nations didn’t subsidize oil the first time around, the market could find an alternative to reduce demand, open up more resources elsewhere, and decrease prices. If you love playing the game of scarcity and then blame the game over this, I don’t see much use for these people. They don’t grasp the concept of free-market capitalism. The majority of their peers are too engaged in adjusting free markets unbalanced and engaging in the gangster economy. It’s not a good thing. I am doing that.
When oil reserves decrease, if they do, the cost will rise until at some the time when new alternatives are brought on the market. It’s happening already within the United States, with natural gas being used as fuel for over-the-road trucks. We may also see cargo ships powered by natural gas, possibly hydrogen, or maybe seventh-generation mini nuclear reactors. We should not believe these theories of instability due to the dwindling supply of oil and high costs.
Sure, there could be a bit of economic turmoil in the midst of it; however, I’d suggest that the most significant issues are the result of government intervention in the free market, which is the cause of the problem at the beginning, and then the politicians who are constantly accusing everybody else. They’re the ones responsible for it, and it’s not the fault of oil or the US dollar’s weakness, and it isn’t the responsibility of capitalism. If we allow capitalism, a free market, to flourish globally, it will eliminate all the problems, and we don’t have anything to be concerned about. Please take a moment to think about this and consider it.