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DanielLC comments on What false beliefs have you held and why were you wrong? - Less Wrong Discussion
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I understand that you can't simply stop extracting, but as long as you're allowed to own oil and not drill it you should be fine. If you're having cash flow problems, you can sell the land.
Are there enough "use it or lose it" mineral rights problems to mess with the market?
A lot of the world's oil rights are held by unstable and/or autocratic regimes, who might well prefer to have the wealth in more liquid form.