That’s my view.
The ChiComs don’t have much oil and they are going toward electric vehicles powered by coal fired power plants.
The world demand for oil should continue to fall.
“The world demand for oil should continue to fall.”
We don’t use oil for electricity.
Oil, an interesting resource that is used to create over 6500 products, fuel is just a fraction of that. Try creating roads, roofing products, paints, plastics, lubricants, solvents, fertilizer, insulation, etc. without oil. Windmills can't create plastics.