The Rising Influence of Rising Affluence

[semi_infinite]

IMO is not that at all as Musk (and Biden) recently opined that oil majors need to ramp up to deal with shortages and energy transition. It is more the legacy energy lobbying companies spreading propaganda that renewables are unworkable and uneconomic and making it a political issue. The smaller independents and marginal well producers mostly got taken out to the back shed during the Aramco dumping during March 2020. Hess's time estimate seems reasonable if he uses that start of significant decline at prices greater than $50/bbl. It would peak much earlier if prices stay at current levels.