The Future of Oil

[ricky + 1]

First of all this has nothing to do with the oil's industry's struggle as of now. Right now is merely a bump in the road that will sooner or later straighten out. But as far as Oil's future is concerned, many stock savvy experts believe in less than 10 years our government, which in no way is favoring gas guzzlers, will soon pull the plug and push fossil fuels, along  with EV's and Hybrid cars.

My guess is that only poor countries will continue to keep the oil in business. But, since the wealthy and/or oil rich countries will push hard to stop that type of trend,  I believe sometime afterwards, oil will get back on it feet and thrive.

[Marina Schwarz + 1,576]

Which government would that be? Right now only Norway has the financial capacity to afford a phase-out of ICE vehicles completely in a relatively short time. And Norway has a small population (I suppose even smaller driving population), which is a key factor.

[NWMan + 89]

Why do people think that EV's and Hybrid vehicles do not use fossil fuels.  The electricity must come from somewhere.  In most countries (Not Norway) the electricity comes from a coal, oil or gas burning power station.

I read an article on the worlds energy usage on Oil price.com.  It detailed the continued and increasing use of fossil fuels.  This rate of increase has been slightly reduced by the increase in renewable energy but we are heading towards a requirement of 100 mbopd.