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Old 26th Jan 2006, 02:03
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barit1
 
Join Date: Feb 2005
Location: flyover country USA
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I recall a 2-hr TV special in 1973-74 to the effect that "there is no future for natural gas" - the proven reserves were "close to depletion". Further to this end, there was an embargo on new homes using natural gas for the next decade.

But guess what? The resulting price increase spurred new exploration. It was now economical to liquify waste natural gas from Dubai wells and ship to many markets. The embargoes were lifted; the proven reserves were suddenly much larger than anticipated.

For another similar economics lesson, see the Simon-Ehrlich wager story.
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