what is replacing oil? Supply grew faster than demand grew. One day there will be a viable alternative but IMO alternatives are at least 3 to 5 decades to maturity and will need massive investment (barrier to entry) in the scale of trillions of dollars worldwide. Oil price would need to be 200 per barrel before investors will risk large scale investment in alternatives. With oil in plentiful supply and price below 75 there is no financial benefit or demand for alternates. The cheaper oil gets the less attractive the alternative.
$50 to be the new norm, page-8
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