A change in the Narrative
Among the many eyebrow-raising, bizarre, and interesting developments (zero-interest rate policies, negative yielding bonds, rise of populism) that have occurred since 2010, one of them that really defined this current decade is the death of the ‘peak-oil’ narrative.
Remember those days when people were talking about how there could be a day when we would reach the maximum rate of petroleum extraction and following that, face diminishing returns?
Remember those energy experts and forecasters calling for crude oil to reach US$ 200 per barrel? Remember how well-known investor Jim Rogers wrote in his book that some day people will be digging for oil at the grounds of the White House?