Big oil made big assumptions when it began the massive fracking campaign. Fracking and OPEC policies increased production. The competition decreased prices and some members encouraged it to shift market share. Some countries watched while their economies were crippled. The competition was expected to be temporary as the larger global economy recovered. The assumption was that economic growth necessitates fossil fuel growth. The mistake was that, while the economy was uncertain, technological advances were made in renewable energy. Fossil fuel consumption effectively flattened. Oil supplies are up. Demand isn’t. Prices fall. – And may stay there for a long time because the technological advances and market acceptance continue. This is all most apparent in transportation, where cars need less gas, and sometimes none at all.
“Big Oil Is About To Lose Control Of The Auto Industry” – Bloomberg
Pretending Not To Panic 