Here is the cold hard truth. We have as a planet about 87 million bbls per day to use. We can argue all day long if this is a peak, plateau, or just a stop on to 100 million. However, we can say with certainty that we are not making the investments needed to move this number in any meaningful way.

As a planet we will consume until we hit 87 million and then prices will rise very quickly until we displace the least efficient users in market based economies. Non market based economies deal with high prices through shortages.
In reality, when the price spikes we go into recession and destroy more demand than needed and prices collapse. We can either figure out a national policy that will accomplish an orderly improvement in our usage or we can let the market work through a series of recessions and stagnation.
I think we all know that this is beyond our leader’s capabilities to help solve through smart policy and in the end we will undulate between feast and famine.
Very Cheery thoughts,,, I know
Robert