RE:EIA: Us Proven oil reserves down by 19%, from 2019 to 2020Wow. If this data is true, it does explain why Biden is pushing his energy transition so hard and telling other countries to increase their production, instead of getting the US domestic energy producers to ramp up. They know they will need every drop of oil for the future as the US is quickly running out.
Not only is the energy transition a slow, difficult, and expensive undertaking, they might not even have enough oil to get there.
There will always be oil. The question is how expensive will it be per barrel, and will anyone be able to afford to pay the price for it? What oil price level starts to kill off demand?
Of all sectors to be invested in, I am so glad to be overweight Canadian oil now, with decades of reserves. It appears we are on a path of scarcity, and we will soon find out just how high it will go.