There's nothing wrong with the Norwegian approach of excessive extraction combined with demand destruction. It just forces the Saudis to cut their production even more as they want to keep prices high.
There's too much focus on supply in environmental circles. The IEA forecasts an excess of a staggering 8 million barrels per day by 2030 due to peaking demand. The only question is who will have to cut this time.
There's a lot wrong with it. The reserves that will be burned include all Saudi reserves and all Norwegian reserves. The hand wringing BS doesn't change anything about prices being high enough to fund the politics of forcing us to extract and burn all reserves until they are gone. Only refusing to burn your reserves changes whether we are screwed.
There isn't enough demand to burn all reserves, and nobody will burn oil for fun - it's quite expensive. Someone will be stuck with stranded assets, and currently it looks like it will be the Saudis.
The cost of all sorts of energy extraction methods have steadily dropped over time. Oil would have to be politically stranded forever, which doesn't fit the 1984 like political flows of the current world.
There's too much focus on supply in environmental circles. The IEA forecasts an excess of a staggering 8 million barrels per day by 2030 due to peaking demand. The only question is who will have to cut this time.