The Looming Shift: Oil Markets Signal a Structural Phase-Change | Art Berman
The Looming Shift: Oil Markets Signal a Structural Phase-Change | Art Berman
We are witnessing a fundamental shift in oil markets, a structural phase-change. Oil prices hit their lowest point last week since June 2022, when the market was gripped by fears of a global recession (Figure 1). On September 6, WTI crude price dropped more than $3 below its lower Bollinger…
What I don't understand in our current situation is the lying. We're not attempting to transition to green energy because we have a choice, because it's better for the environment, or any of this. We're doing it because there aren't too many other options now that easily accessible fossil fuel is being burned up. What would be the harm, at this point, of just fessing up? It's most disconcerting that Western governments have gotten addicted to lying like this, even when they don't have to.
I am not at all sure that a large fraction of decision-makers understand the whole gravity of the situation. Many of them really believe that this is a leisurely, voluntary transition. While it is nether leisurely, nor voluntary, nor a transition.
You may be right. I keep assuming that Western politicians are smart people who are playing dumb for the public so that they can keep their grifts going. But they may not be playing in many cases. That might explain the rather sluggish response to what looks like a very serious crisis unfolding over the next 1-3 decades.