How long before the end of the oil and gas industry?

Even then, the oil and gas industry will remain, even if the volumes it deals with are much lower than before. Someday we may get to a point where making chemicals from oil or gas becomes unprofitable, and at that point we'd likely see the last of the oil and gas industry go away. But that point is quite far away. read more

The Saudi induced price drop will last long enough to exhaust oil pricing hedges, last long enough to cause banks to tighten credit, last long enough to cause investors to seek greener pastures and last long enough to reverse the growth of USA shale oil production. read more

Meanwhile, the oil companies - which do not make public estimates of their own "peak oil" - say there is no shortage of oil and gas for the long term. "The world holds enough proved reserves for 40 years of supply and at least 60 years of gas supply at current consumption rates," said BP this week. read more