Pruitt: Bible says 'harvest the natural resources'

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47. Economics Escapes These People

Oil and Coal are quickly becoming or already have become too expensive. It's cheaper to build a combined cycle natural gas plant than a new coal plant; about $1B for the former and about $6B for the latter. Electricity consumers don't care if the megawatt is made burning gas, coal or if you put 100,000 people on stationary bike generators. The current fleet of coal units are just running on their good graces. No one is going to invest in rebuilding them when they eventually break down. No bank is going to invest $1B in an old inefficient coal plant when you can buy a brand new gas plant (or wind farm) and create the same amount of electricity.

Same thing for opening up off shore areas for oil exploration. That's a significant investment for unknown returns. The price of oil collapses and it wipes out any hope for recouping your investment. We are only a few decades (or less) away from viable electric vehicles. Once that happens there's no need for all this oil (except for fertilizers).