OPINION: Jeremy Leggett on energy

Neuroscientists are no longer surprised by dangerous risk-taking in human society. The recent explosion of knowledge in their field shows how easily we tend to blind ourselves to risk, individually and collectively.

Any neuroscientist watching the detail in four of the great global risk games in energy markets today would find a lifetime of research potential.

First, risk from oil depletion. Plenty of oil left, the incumbent energy establishment says. “Peak oil” is dead. Saudi America, here we come. Oil is actually infinite, former BP boss Tony Hayward told a conference last year.

No, says a minority. Oil supply can meet demand only if you can deliver the flow rates needed, no matter how big the resource may be. An oil crunch is coming. In Log in to read complete article.

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