“The world is awash in oil”, so says my friend, the geologist.
“There is plenty of oil and gas on the planet (good)—in some cases, it’s just getting harder to extract technically, financially and politically (bad)”.
From experience, we know that the new offshore fields they are discovering now, probably won’t be in production for another 10 years, so there is supply down the road.
As alternatives are continually being developed and become more economical, crude oil will eventually decline in demand, and accordingly, in price. However, this most likely will take years.
I’d be interested to know if someone knows of any research, in the area of oil and energy, as it relates to Kondratieff cycles. The year 2030 sticks out in my mind as an important year, for some reason. Thanks.
Have a great weekend.
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