Unless oil prices firm up at $50 or higher we don't need to worry about anything more than token drilling in the Arctic. And only stupid oil companies we bother.
Next leg down in oil is starting. Exxon....Sunoco....Chevron....etc.....looks like they are all starting to "break down". And they should. Too much oil.......
Will be interesting to see if oil trys to test the $30 area eventually. Anything is possible. Long term....the Saudi's have to be kicking themselves for not taking Saudi Aramco public a few years ago....
Electric cars are set to take off in a few years as battery costs
CONTINUE TO DROP.....and the batteries continue to be (1) more efficient (2) longer range (3) last longer. Five years from now....you'll be looking at batteries that are approaching 500 miles or more.
That will really put a "lid" on oil prices a few years from now. And a few years from now.....when there are
WAY MORE electric cars....people will be looking at their next car purchase and thinking: "Should I buy a car that is going to be worthless in 3 MORE years?"
I really feel sorry for the big oil companies...