Long Run Thinking about Oil
Should the New Zealand government be investing $40M now to explore and develop any remaining oil reserves in our Southern Ocean? Are the methane hydrates that rest in the cold deep ocean our saviour for future secure energy? I would say no to both. What are we doing right now with oil and gas that is so important that it is worth the future? I would be willing to reduce oil and gas supplies and reduce the risk of collapsed Antarctic and Greenland ice sheets. The hard fact is that no matter how hard we keep looking and trying to use up every last drop as quickly as possible, production is decreasing, and adapting to that reality is where our $40M and innovation and exploration efforts must go.