The problem the world faces is that many of the resources that are truly threatened are the renewable ones, not, as so often assumed, the non-renewables.
Many of the earth’s renewable resources are being insanely over-exploited, and humanity seems incapable of agreeing on rules for their protection. Fish, large mammals, fresh water, timber, clean air—the list is endless.
In contrast, many non-renewable reserves have become so plentiful that their prices are presently at historic lows.
The question is: how has it come about that our non-renewable reserves are seemingly inexhaustible?
The Case of Oil
Fears that the world would soon run out of oil have been around for many years. During the first decade of this century, the so-called “Peak Oil” hypothesis pushed the view that the world had reached the height of oil production capability. The reserve and production statistics tell a very different story.
Back in 1980 the proven reserves were about 700 billion barrels and production was running at about 23 billion barrels per year, so there were about 30 years of oil left. By 2010, therefore, most of the 1980 oil would have been exhausted—yet by 2010, the proven reserves had grown to around 1600 billion barrels, the consumption had increased to 30 billion barrels per annum, and over 50 years of oil were left.
