We know from the 2008 GFC that the world cannot afford West Texas Intermediate oil prices nudging US$150 per barrel. Brent is usually $10-$20 below WTI. It seems unlikely that daily oil demand will exceed 100m barrels. If say demand in 2030 is 80m barrels you have to wonder if world GDP will also be 20% lower.

Proponents of 'green growth' and high immigration seem to think all will be well. Happy little vegemites (Aus. term) will be driving cheap EVs and recycling worn out wind turbines. Alternatively there may be limited affordable replacements for oil so the wheels of the economy will slow down. As a bonus emissions will decline. We could be sleepwalking into a global recession while deluding ourselves we don't need oil. This decade we'll find out.

Proponents of 'green growth' and high immigration seem to think all will be well.
Taswegian,
They'll fall flat onto their butts ! Of course, it'll be at everyone else's expense AGAIN !

This is not news or unexpected. And means, we need to electrify transport ASAP! And transition to nuclear energy if only to save the economy. That's not going to happen with labor! Who think we can survive on battery or pumped hydro backup.

One recalls when the Murray was little more than algae choked puddles. And other water resources cracked dry clay pans.

That will surely happen again and again, making many pumped hydro schemes non-viable.

Or just too expensive. The good news is, some blue green algae are 60% oil, and we should grow this as a commercial harvest and extract the ready to use biodiesel. Which we could retail for as little as 44 cents a litre.

We need to stop allowing the energy barons to control our economy and take back our economic sovereignty.

We have options and alternative including native wisteria. All that prevents us taking those options are the airheads in Canberra!
Alan B.