Comment by teemur

We need to think that there is two oil prices. one the producer gets and another the consumer pays. High producer price is the worst thing that can happen from climate change perspective. That means also the more difficult to extract oilfields become profitable and then oil in also those will be extracted and burned. If we get the producer oil price to say $5 per barrel, I guarantee you oil production will collapse to almost nothing. Obviously consumer oil price can't be $5 unless there is something still cheaper and better (hard) or taxation/emissions trading schemes that make consumers pay much more than what producer gets.