Oil Change International

Exposing the true costs of fossil fuels

Oil Price Bigger Threat Than Climate Change in Next 10 Years

Given the news from the UN this morning (see next blog, Humanity’s Survival at Risk), its interesting that Reuters are reporting the results of its Smaller Companies Forum that concluded that rising oil prices are a bigger threat to the world economy than climate change in the next 10 years.

This said, the corporate execs who attended concluded that climate change is likely to have a greater effect on the global economy over a 50-year timespan.

“In a short-term scenario it is hard to say climate change is going to be a differentiating factor,” said Jack MacDonald, finance director of carbon cutting project developer EcoSecurities. “If oil prices quadruple it is probably more of a challenge to the economy than climate change,” he said.

Eugene Whyms, Finance Director of oil and gas explorer EnCore Oil, said he did not think climate change was of much concern. “The threat from climate change — I’m not sure what that is, apart from panic and extra taxes in case we all go under water,” Whyms said, adding that the climate has always changed.

Its good to know the oil execs really get the picture….

Comments (2)

  1. Ron K says:

    The way to reduce oil price and consumption is quite simple. Stop buying Chinese products. China is the second largest consumer of oil after the U.S. and also the greatest polluter. If there’s not a market for products from China, the Chinese stop purchasing more automobile and therefore less gasoline. Additionally, since there is no demand for their products manufacturing plants will reduce capacity or close, ergo less pollution. It’s a win, win situation for everyone but China and I for one, don’t lie awake worrying about China’s economy.

  2. Anna says:

    Hi Ron K, I am afraid your solution to the oil price is not very good. The problem of oil price is very complex. It is based on supply and demand of oil that affect the price. Lately OPEC decided to decrease their prduction which is going to put the price up. If we stop buying products from China is not going to fix everything.

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