Market Commentary
The oil age is over
InvestorDaily
As the world moves towards renewables, the oil age is ending with a whimper – not a bang. In 2003, George W. Bush was accused of taking the world to war in Iraq to acquire its oil. There might have been some truth to the accusations; Iraq’s previously nationalised oil industry was rapidly opened up to a host of multinationals in the aftermath of the invasion.
But the idea that anybody would go to war over oil in 2020 is ludicrous. Part of that is due to the fact that the US now produces three times as much oil as it did in 2008 – 13 million barrels a day on 5 million in 2008. It’s also because nobody needs it anymore.
The rest of this article can be found at investordaily.com.au.
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