From Treehugger:
The president of OPEC said Wednesday that repeated calls by industrialized countries to reduce dependence on oil could lead to a reduction in supplies from the cartel. ‘‘Today’s policy announcements could translate into scarcity of supplies in the future,’’ Mohamed Al Hamli, president of the Organization of Petroleum Exporting Countries, said at an energy conference. He noted that OPEC is made up of developing nations with limited resources, and it would be a ‘‘waste of badly needed funds’’ to invest heavily in oil production if demand is unclear.” What a clever man. He’s figured out the general idea behind OPEC customers seeking more efficient vehicles and increased reliance on renewable power. Must be why they made him OPEC President.
So in other words – if we stop using as much oil, they’ll start producing less oil? Glad to know Al Hamli is aware of the economic principal of supply and demand.
