Big burner:
The volatility of the oil market after 2003 due to the Iraqi war and China’s massive pre-economic crash demand caused America (and others) to seriously consider switching to alternate fuel sources (at last!). America now has as much as 15% ethanol in their petrol and uses gas from fracking for electricity production, as 2 examples.
Saudi Arabia (OPEC’s swing producer) upped production (around 2008) to reduce the price and therefore stimulate demand, in order to avoid the plateau of Hubbert’s ‘Peak Oil’ theory, an event that will be the death knell, long term, for countries that only produce oil. Not all the OPEC countries can increase production, Indonesia was forced to leave OPEC in 2008 as it was unable to meet the increased production quota, and the investment wasn’t available to try. The peak oil theory relies on oil discoveries as part of it’s calculations and is therefore open to being rigged by oil producers. Some people think that peak production/reserves was actually reached in 2010, most think it will be by 2020 and even the most optimistic concede that it cannot be later than 2030. If the theory is correct the demand for oil will fall as quickly as it grew (over about 100 years), but the price will diminish exponentially (about half price after 30 years) this will make it uneconomic for most producers to extract. The Spermaceti oil usage that the theory was developed from (which also had 100 year to peak cycle) saw the price fall by 78% in 40 years. Under this theory (and it’s only a theory) countries that rely on oil production will face economic collapse by 2060 at the latest.
Traditionally oil and investment businesses, who are closely connected to political power, have protected competition to oil as it was a major investment return for them. They are no longer doing this as returns have plummeted. In 2016 they were down to about 2.5% (and it’s not exactly risk free). This is leading to fewer discoveries which in turn lowers the reserve to production ratio and brings the ‘peak’ nearer or makes the decent quicker a vicious cycle. The reverse is true for investment in Renewable Energy which is currently seeing returns of 5.5% and growing. It is effectively underwritten by the government as well so risk free.
Last month for the first time more than 50% of peak midday electricity was produced by Nuclear and Renewable Energy. The Renewables have accounted for more than 25% of electricity generation since 2015 up from 3% in 2003. Oil is dying!
The Middle Eastern countries are now starting to invest in other countries to hedge against oil demand crashing, something they didn’t really do before. It’s why the UAE are developing tourism in Dubai.
Just for the record I’m a confirmed petrol-head not a Green, but the writing is on the wall (and in quite big letters I might add)
You might be a confirmed petrol head but you’ve obviously swallowed all the Green bs that goes along the lines of if we can’t legislate them off the road we’ll scare them with the bs idea that the oil is all running out.In which case we obviously wouldn’t expect to see the air transport industry planning for massive growth over a similar period.Let me guess the Greens are going to try to make the case that they are also going to be able to fly planes loaded with tonnes of batteries powered by electric motors. 
As for the supposed future of oil production,how does that translate into the issue of banning ICE powered vehicles.When they aren’t mutually exclusive with alternative fuels including Hydrogen,regardless.Not to mention the 1,000 years worth of coal reserves,that can easily be turned into petrol etc,that the government have now buried under ground never to be used.
The truth is what we’re seeing is an obvious plan of control freak government in trying to create the nightmare vision contained in movies like Demolition Man.All dressed up under the Green cover story including non existent ‘climate change’.Which if anything is getting colder with a change to a lower average atmospheric pressure if this zb Summer among others is anything to go by.In which case the bleedin irony of having to use expensive electric heating in the Summer to go with the even more expensively taxed zb electric car.That’s if you can even afford the purchase costs.Let alone keep up the battery lease and replacement payments on it being all part of the same captive market plan.IE this isn’t about creating a competitive ‘alternative’ to oil which by definition would mean the freedom of choice to use either.This is all about creating a captive market for the EV producers and electricity producers.Good luck if you think that those sharks are out to give us a good deal,as opposed to ripping us off big time.IE if it’s all about alternatives and competition then we obviously won’t need to ban ICE powered vehicles just as we didn’t need to close the coal mines removing that alternative.It would just be a case of carrying on using the stuff until it really does run out which ain’t any time soon and certainly not by 2040.
On that note it obviously isn’t the fossil fuel producers that are all about removing competition and choice here.It’s the electricity producers who are doing that.With as I said banning domestic gas heating being their obvious next move.Thereby creating another captive market for their expensive inefficient energy product.Not to mention the eventual,inevitable,Chernobyl type scenario,but on a much bigger scale,being a matter of when not if.
Like Norway I think we all know where this is going.We get lumbered with the expensive monopoly of an electric fuelled energy policy.While we both export what remains of our oil and gas reserves for use by China etc as part payment. 
