Oil's smokin'!
Ill be watching from the sidelines.
An interesting point is that if the USA is excluded, then total oil production of the rest of the world is actually falling slightly. There are individual countries with rising output and others with significant falls, but collectively they're going down (albeit very slightly) if the US is taken out of the picture.
Also, apart from a modest amount of spare capacity, every country except Saudi Arabia is running at or very close to capacity so there isn't a lot to spare.
So what happens in the US is rather critical to oil markets and prices it would seem. The notable point about the US is, of course, that the rising production is coming from shale rather than more conventional sources. That plus it's a relatively stable country and so on.
This is my own research from various sources. Use at your own risk etc.
My thoughts drifted into the future when oil becomes scarce. Would a militarily strong country take oil by force? Will price continue in an upward curve until uneconomically viable as an energy source? Considering mechanical movement requires lubrication and mostly combustion to move, the very existence of human beings will be threatened. Alternatives seem very slow and heavily reliant on changing light, heat or gravity to manageable energy. All of which convert comparatively poorly.
then nuclear powered stuff appears the only real way in the future. This will take care of fuel issues but lubrication will still be needed. Electricity from nuclear power stations will be the way.
On that point I'll have to disagree.
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