Tom Kirkman + 8,860 December 5, 2019 The author does a remarkable job in decontructing some of the erroneous and fanciful assertions of the oil & gas hater crowd. From LinkedIn: What "Peak Demand" really looks like Summary: Even in a "rapid transition" scenario the world will use over seven hundred billion barrels of oil in the next twenty years. This is more than 50% of the total oil produced since the inception of the industry in 1870. Since we have found and used most/all the cheap oil, inevitably the next 700 billion barrels will be more expensive. Peak Demand may be ahead, but "Peak Cheap Oil" is certainly behind us. ... 1 Quote Share this post Link to post Share on other sites
BenFranklin'sSpectacles + 762 SF December 15, 2019 On 12/5/2019 at 7:17 AM, Tom Kirkman said: Peak Demand may be ahead, but "Peak Cheap Oil" is certainly behind us. ... Perhaps. Then again, we're getting awfully good at extracting oil. 10 years ago, shale cost >$100/bbl to extract. Today, it costs <$50/bbl. Likewise, we've lowered the cost of offshore oil and conventional onshore. Cost reductions haven't ended either. There's a round of automation still in progress, and hundreds of little improvements continue to add up. I wouldn't expect oil to be terribly expensive in the future - not that it matters much. Oil demand destruction is coming whether oil is $50/bbl or $100/bbl. 1 Quote Share this post Link to post Share on other sites
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