I just read the sample first chapter available for free. It deals with the idea of “peak oil”, noting a couple of interesting facts.
For example: it is obviously good news for renewable energy if oil prices go way up, as they have in the last decade.
It should be even better news if they go up even more, though Leggett doesn’t say that. Instead, he seems to be worried about oil peaking and then getting even more expensive.
I agree with his analysis that peak oil is something that may happen rather sooner than later. I don’t agree with the idea that this is a problem.
As far as I am concerned, the higher the oil price goes, the faster the transition to renewable energy will happen. And the bigger the relative profit for Germany will be from moving early in the transition to renewable energy.
Of course Leggett doesn’t discuss Phaseout Profit Theory. He probably never heard of this crazy idea of mine. But it is clear with a little thought that all the owners of oil fields are better off with a higher oil price. Therefore, they should hope that peak oil comes sooner rather than later, and they should contribute to having that happen by any way they can.
Leggett reports that one of the big oil companies, Shell, was caught falsifying the estimates of their reserves upwards. They should do exactly the opposite. If they are going to lie in the first place, they should tell the public that their reserves are very small and very unsure and very costly to extract. Doing this will send prices up, as well as the values of their oil fields.
And higher prices of course mean less stinking gasoline consumed, helping the climate. Everyone wins.