Now raising intellectual capital
The End Is Nigh is always an arresting headline, the end which is nigh now is the Age of Oil, following the deep thoughts of the boffins at Deutsche Bank.
They are forecasting a “game change” as a result of – wait for it – the electric car. Their thoughts are “unburdened by the conflicting forecasting agendas of government agencies, oil companies or auto makers”, so can roam the intellectual highways and byways.
They postulate a price spike to 175 dollars around 2016, followed by an “equilibrium” price around 100 dollars by 2030. The shock will be enough for the electric car to displace the conventional automobile, and OPEC will eventually be reduced to cutting prices to maintain its market share.
These projections are far enough into the future to ensure that nobody will remind Paul Sankey and his fellow authors of their words if they turn out to be hideously wrong.
Yup, no doubt about it. The biggest threat the world faces today is international terrorism. Oh, sorry, no. The biggest threat the world faces today is from a pandemic of swine ‘flu. Nope, wrong again. The biggest threat, the moral issue of our time, is climate change. Ah, that’s more like it.
Please don’t call it global warming. The earth’s temperature has been a bitter disappointment to the climate pessimists over the last few years, because the planet has refused to follow the cook-until-done path they had mapped out when they started trying to scare us to death.