You think there’s plenty of oil? Just wait until all the other oil producing countries start using our fracking methods. There is going to be a glut the likes of which Noah himself would be unable to describe.
Oil is the 2nd most common liquid on Earth after water. The mantle creates it, the fields replenish, we will never run out of oil.
Rockefeller made sure that oil was considered as an “organic substance” way back in 1894 to ensure he could claim it would someday run out - making Standard Oil far more money.
How much have we used since then?
How many dinosaurs and ancient trees have died on moons with methane (hydrocarbon) atmospheres?
And that is keeping big oil up at night.
It was a very closed system before. Only a few players, major government intervention, easy to manipulate the market.
Now, there are a lot of small wells all over run by small firms. These guys can’t stop pumping, they will die.
So that is why Saudi is dumping their only source of capital in a IPO. They see the future and that the price of oil is going to crash.
For those in the ‘green’ business, this is a nightmare. Expect law suits, terrorism, and massive threats by blue team .gov players to disrail the movement.
Eventually a few players will control the market again, and we will have high gas prices. But right now it will be cheap and destabilize the Middle East like nothing before the founding of Israel.