Its not just oil. Its nearly all commodities. The fact is that the demand is down since the world is in a huge economic downturn. China sits on the granddaddy of all real estate bubbles. The reality od squandered capital used to make useless and non productive edifices is dragging down the Chinese economy. The foundation of the US pseudo recovery is borrowed and printed money. That fact and an additional $80 trillion of unfunded liabilities and a bizarre anti energy crusade does not bode well. The Mideast is in chaos and non productive. The French are upset that North Africa no longer has the money to import its grain. Socialist Europe is perennially stagnant and in debt. Africa remains an economic basket case. Long time before there is a robust demand for oil.
The simple fact that our entire economy is only 15 Trillion. I just do not see it being paid off. Even if we have 30 years.
Although innovation in technology may get us out of this hole. I'm referring primarily to the Quantum chip. I believe it will change our world just as electricity changed our world in the last 134 years. The good news is it will only take 5 year point, from the 1st Quantum chip 2024, or 14 years from now in 2029.
something big is going on