Deflating the Fossil Bubble
- Jul 7, 2018 10:32 pm GMT
An economic bubble is trade in an asset at a price or price range that strongly exceeds the asset’s intrinsic value.
Since the subject of this forum is energy, and the proposition herein advanced is we are operating in a fossil bubble, the intrinsic value of these fuels is fundamental to the assertion.
According to Wikipedia, the 2011 global expenditure on energy was over 6 trillion USD or about 10% of the world gross domestic product. As the following U.S. Energy Information Administration chart through 2017, however, shows the cost of oil since the middle of 2014 has been about half of that.
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