Peak oil looked inevitable a few years ago. Now, oil prices have dropped rather than risen. A number of factors have changed the situation, at least temporarily: consumer preference, fracking, price wars, etc. There are already consequences. Several countries that relied on oil revenues are experiencing recessions. Several companies that were heavily leveraged based on high oil prices are losing money and in some cases declaring bankruptcies. The more resilient countries and companies are investing in new technologies and energies rather than supporting the old models, further distancing the innovative from the conventional. Oil prices have evidently been hard to predict, so prices may rise and return to the old normal, but this period is also being used to redefine a new normal.
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