Profit is not everything.

> That being said, many countries consider it a national security issue not to be held hostage to foreign oil.

Spot on. That, plus... peak oil.

Peak oil was supposed to have happened decades ago but current projections put it well past 2050. Demand for oil is going to fall due to electrification long before we run out of sufficient oil production capacity.

It is clear at this point that peak oil was another failed Malthusian projection. I don't think peak oil is guiding much national policy aside from the national security aspects.

	▲	asmodeuslucifer 2 hours ago \| parent \| next [-]
		Yes. There's all kind of hydrocarbons that aren't economic or barely so, like oil shale or shale oil, with is rock with a stain on it. Interestingly, Venezuelan extra heavy sour crude oil is not profitable to use at $55 a barrel, the price before the Iran war, but is profitable when it's over $90 a barrel. It's easy to make money when someone else pays the costs but you get to keep the revenue.
	▲	palata an hour ago \| parent \| prev [-]
		This is wrong. The peak of conventional oil is documented around 2007. Since then, Europe's economy has been slowing down (if you look at physical indicators like how much is transported by trucks or what surface is being built each year, not artificial ones like the GDP). Global peak is estimated to be around now (a few years ago maybe?).