Oil demand is set to peak by 2030, mostly due to massive buildouts of renewables (with China taking the lead.) Oil isn’t going away, but anyone taking the “oil prices are going to soar long term” side of the bet is making an incredibly stupid bet that will end in tragedy. (Anyone making the “US oil prices will soar in the short term” bet has to deal with record US shale production.)

The losers here are the middle eastern countries that didn’t sufficiently diversify.