The company argues a rapid decline in production, especially from unconventional sources like shale, could lead to severe energy shortages and price hikes.
As predicted, the low prices are making the fracked oil uneconomic, so the oil companies are trying to jawbone up more investment. Sadly, it's Econ 101 here, and if the price goes up, you get recession and demand drops off.
f course it's true that electric vehicles aren't really cutting into demand for FFs, and as long as oil is cheap enough, people will buy it. But you can't bleed money from stone, and globally the Konsumers are tapped our and in debt.
At some point in the not too distant future, Rock will meet Hard Place. Stay Tuned.
Exxon Joins OPEC in Warning of Looming Oil Supply Crisis
https://oilprice.com/Energy/Energy-General/Exxon-Joins-OPEC-in-Warning-of-Looming-Oil-Supply-Crisis.html
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Exxon Joins OPEC in Warning of Looming Oil Supply Crisis
Started by RE Aug 29, 2024, 12:07 AM
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