The stone age didn’t end due to a lack of stones, and the oil age will end long before the “world runs out of oil”. This quote, often attributed to Saudi Oil Minister Shiekh Yamani, highlights a vital and frequently misunderstood fact about the oil industry. Oil supplies are not going to run out, but oil will eventually be replaced by cheaper, cleaner, and more efficient energy sources. This misunderstanding has led many analysts to predict the death of the oil industry. The Paris Agreement has set a global goal to control climate change and reduce the temperature of the earth. That goal will not be achievable until the world shifts from fossil fuels to clean and renewable energy. These ambitious targets are sure to accelerate the global energy transition away from fossil fuels, but it remains unclear just how long that transition will take. On his very first […]