this post was submitted on 24 Jan 2025
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This is a false premise. Actual expansion of oil and gas production does lower those commodity prices, but policies/events so far raise them.
The false premise is that letting O&G pollute everything, doesn't make it "smart" for them to overproduce, and if they do drill more, than KSA/opec can ramp up production to take more share before they come online. Producing just enough extra to keep up with demand and $70+/barrel pricing is likely.
EVs globally are eating into oil demand. China has also converted many trucks/heavy vehicles to LNG. NG and coal demand in Europe down over 10% in 2024. Peace in Ukraine would be the most significant drop in oil/diesel use foreseeable.