RE: Why we need oil18 Sep 2020 13:03
CFRPflyer Exactly.
The fools following 'Soundbite Gretha' are the problem, not fossils.
While the birthrate continues to explode the number requiring energy continues to explode.
Population is the issue.
Electric cars (of which I will be a user soon) require charging.
Home charging is great, unless you want range as well.
Even Tesla are running out of charging space and the others are much worse.
Lithium is required to store power and that is also a finite resource.
Apple even bought their own mine to ensure they have a supply of the stuff.
There is NO infrastructure for renewables and won't be for decades.
When everyone is let back out into the world demand will increase and the supply chain that used to meet it has been decimated.
Wells have closed, workers, furloughed, tankers scrapped.
That chain cannot be replaced or revived overnight.
There will be a significant bounce in the opposite direction, in my view.
I've put my money where my mouth is already;
I am already top-heavy in energy, but I've been buying oil heavily since March looking at a two or three year return.
I reckon that, within that time, we may see Brent at over $70/b.
I'm hoping to see it closer to, or even over, $100/b
:)