Goehring and Rozencwajg believe that we are on the cusp of a global energy crisis because of the depletion of U.S. tight oil plays. “We are on the cusp of a global energy crisis…Global energy markets in general and oil markets in particular are slipping into a structural deficit as we speak. We believe that energy will be the most important investment theme of the next several years and the biggest unintended consequence of the coronavirus.” —Goehring and Rozencwajg, July 2020 I doubt that they are right but their logic is sound. U.S. tight oil accounted for 83% of growth in world production over the decade 2009 to 2019 (Figure 1). Deep water and oil sands were the other growth area at 23% while conventional production declined 9% over the same period. World production fell an astonishing 10.8 mmb/d from April to June of this year. About 30% of […]