Oil needs a long-term breakeven price of $10 – 20/barrel to remain competitive in mobility.
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@Martin-Collignon Getting north american oil to market is much more expensive given the need for fracking and intensive processing for oil sands bitumen. Even around $50-60 per barrel results in narrow profit margins. At $10-20 a barrel, the only oil we'd be seeing is from countries where the extraction is ultra cheap.
I'd say we should look at the linked article with a grain of salt given that oil is still used in a huge amount of processes outside of just energy/transportation
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@Martin-Collignon It would seem like that is infeasible for the vast majority of oil producers, don't you think? I have to agree that I think oil will still be used for chemical processing in the short term but the mid-long term doesn't look so rosy
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@Martin-Collignon Crazy what difference even a few months makes. WTI Crude is currently sitting around $20 a barrel, down from near $50
