Someone Thinks Oil Is the Next Coal ...

[TraderTate + 186]

I think this is a bit far off, but CNBC opinion today: Oil demand (and prices) set to drop dramatically as new technologies take hold. Largely saying the gutting of coal is exactly what's going to happen to oil. 

https://www.cnbc.com/2018/05/03/oil-demand-and-prices-to-drop-as-solar-wind-energy-take-hold.html

Worth picking this one apart...

 

[DA? + 301]

Of course new technologies will in the not to distant future bring about peak oil demand. What do the trends in all sorts of tech's show, from new sources of chemical feed stocks, energy storage, solar, wind, EV's and so, the electrification of everything. What happens at peak demand? What happens when companies/countries see a rapidly shrinking demand? They are going to try and make money whilst they can forcing down income. Those that don't have extremely low extraction costs are gone.

It does amaze me many of the forecasts that are brought out by oil companies and even the likes of the IEA (although they now stress they do not do forecasts as in the past they have been so completely wrong) and how they don't understand how technological trends work.