RE:RE:RE:RE:RE:What Am I Missing? the joe public have been fooled believing green propaganda and think EV will destory oil demand. Modernization of africa, india, south america, china will keep oil/gas demand high even if EU and US are moving toward EVs, especially when oil/gas investment are discouraged in latter countries. If you look back at history, more efficient car mean we drive more, just like low calorie ice cream, soda pop, etc but we are seeing more obesity.
JohnSP wrote: Agree oil will go higher, when I was young working in conventional oil business in Alberta, rule of thumb for no further activity was 6%/yr decline rate, extra heavy oil and multi-fraced wells are different, after Alberta i worked 22 years overseas in several countries and DW, they are also on decline.
Carnage in oilpatch staff and CapEx and OpEx budgets pre-covid was record breaking, 1.5 years of Covid compounded it.
I think world is in for a big wake up call on oil price, which is what renewables want to help justify the change, which will be slow and steady.