Yes, I read that somewhere. Somalia which has been having civil war strife for decades wants to open up the oil industry to foreign investment again, provided Shell and Exxon agree to dust off their PSAs (Production Service agreements), deploy capital / personnel and startup operations there again. Same with Egypt. Many countries off W. Africa - and there's quite a few Ghana, Angola, E. Guinea, Namibia, etc. -- are opening up exploration blocks. Israel wants to ensure energy security thru its giant gas field. Qatar has been investing in the old but not yet depleted Bul Haneen field. And just today, Petrobras started E&P at the biggest field off Brazil. Also lets not forget the Saudi Aramco IPO in 2019, they paying and plan to pay dividends for a while ... where will that money come from?
So if all this is going on globally, not to mention Russia-Caspian region and the never-decreasing demand in Asia, then whats with the doom and gloom scenarios painted by leftist anti-US media here in our country?? What fine print are we missing? Here are facts -- of 800 Mil vehicles in the US alone, less than 1% EV/hybrid which means at least 750 Mil are gasoline powered. Double that # for ROW (Rest-of-World), say 1.5 billion vehicles consuming gas. Now add all airliners, ships, diesel motors, machinery (golf carts?!) ... you get the picture. How can oil industry be dismantled given the breadth and scope of consumption, no matter what the commies say?? The "replacement costs" are incalculable, petroleum derivative products irreplaceable, and it will take half a century or more even if the whole world pushed for it ...
