When will other Oil producing countries like Mexico and Canada follow suit? When will Montreal start to make serious infrastructure investments for a time when oil and gas are prohibitively expensive or collapse overtakes the supply chain?
Source: Fabius Maximus
The timing of the impending onset of world oil decline was not an issue at the conference, rather the main focus was what the GCC countries should do soon to ensure a prosperous, long-term future. To many of us who have long suffered the vociferous denial of PO by Gulf Cooperation Council (GCC) and OPEC countries, this conference represented a major change. In the words of Kjell Aleklett (Professor of Physics at Uppsala University, Sweden), who summarized highlights of the conference, the meeting was “an historic event.”
While many PO aficionados have been focused on the impacts and the mitigation of “peak oil” in the importing countries, most attendees at this conference were concerned with the impact that finite oil and gas reserves will have on the long-term future of their own exporting countries. They see the depletion of their large-but-limited reserves as affording their countries a period of time in which they either develop their countries into sustainable entities able to continue into the long term future or they lapse back into the poor, nomadic circumstances that existed prior to the discovery of oil/gas. Accordingly, much of the conference focus was on how the GCC countries might use their current and near-term largesse to build sustainable economic and government futures.