There will be a glut of natural gas and oil, which will cause oil prices to continue to fall, regardless of any attempts by OPEC production restrictions. The oil sands’ production will be reduced and new pipelines will struggle for capacity.
Long-term, I see these things:
- Petro companies are energy companies. Many have already made significant investments in renewables. Oil and Gas will begin to drop as EVs take over (see my previous post?).
- As renewable energy becomes more prevalent worldwide, this process will be completed in approximately 20-25 years. Already, coal is dead. Next is dirty oil. Some pipeline companies may go bankrupt and oil companies will scramble for ways to turn their large investments into renewables.
- ICE vehicles will be replaced by EVs. Diesel will be the last one to go. Gas stations could change or disappear. Stations owned by oil companies will be sold to independent contractors who can extract the most profit from them.
- This is even more important because the new energy companies will purchase legacy electric utility companies, and then convert them to local battery storage and micro-generation plants. The national energy grid is going to be transformed completely.