Who said anything about the end of oil? You are making stuff up comrade. Yes, there are huge reserves of Arctic oil. That's why Russia is trying to claim the Arctic. No one is suggesting the end of oil. Further, if you had read the article you cited, you would know the authors didn't predict 115 dollar per barrel oil. The author made assumptions in order to access the economic viability needed in order to justify the cost and risk of Arctic production. I suggest you read his article.
One more point, the author doesn't speak or write for Stanford. He writes for himself.
I have worked with McKinsey, and they are a very well respected business consultant. McKinsey had absoutely nothing to do with the demise of Enron. So for you to assert otherwise is either ignorance or dishonesty comrade.
Just because your beloved Mother Putina needs high oil prices, it doesn't mean he will get them. It's likely the demand for oil will continue to slow for all the reasons McKinsey pointed out. Advancements in technology will improve worldwide efficiency and reduce the need for oil. Climate change requires we change our behaviors, and whether you want to recognized that or not, those are real hard facts. The costs of hydrocarbon use is quickly exceeding the benefits. Coal is a prime example. Coal was at one time a dominate form of energy, but it has become too expensive as other alternatives have become cheaper. The same thing is happening to oil.
That leaves countries who are heavily dependent upon oil in bad place. It's not like this hasn't been foreseen by many oil exporting states. It has. That's why the gulf states have been preparing for this eventuality for decades. Countries like Russia, Lybia, Syria, and Iran have not, and they are going to be hurt. That's the problem with being a one horse economy.
