- Jan 9, 2009
You must factor in technology. The stone age didn't end because we ran out of stones, or because the cost of finding good stones exceeded their value, it ended because we discovered iron.Non-renewables by definitions will run out, or at least run out in terms of availability and profitability. At the point where it costs the equivalent of 1 barrel of oil to extract 1 barrel of oil, whats the point? It stays in the ground.
Similarly, the factor that will bring an end to the age of fossil fuels will be technology. We may need oil for 747s for the foreseeable future, but this picture tells a story too: