This will mean extending loans to those that current lenders are not making loans too. So rates will have to increase in order cover increased defaults (the borrowers aren't different). Increasing interest rates will drop prices.
Agreed. MSM is preaching an agenda that is willfully blind to history. Ukraine is tragic, but don't for a second subscribe to the "unprovoked" narrative.
1. A barrel of oil isn't just gas.. About half is for bunker oil, diesel and kerosene that runs boats, trucks and jets. That need isn't going away no matter how many batteries you make. The rest (40-50%) of the barrel is a waste stream that can be used as light gasoline, plastics and chemicals.
We will always have the second half because we always need the first half.
2. As others have mentioned, all oil is not equal. Shale and tar sands (tight oil) are not producing the heavy cuts/blends that we require for bunker oil, diesel and aircraft. US will need to balance export of shale based (or nat gas) energy with import of heavier grades of oil. Probably always. This isn't "independence"..it's codependence at best, and it will require the world burning gas for cars. How's your CO2?
3. Peak oil (conventional) was 2005, and then the shale oil financial stunt (thanks negative interest rates!!) took us to Nov 2018 when -- *Before covid* peak oil, and energy happened.
We're on the downslope of production without massive "demand destruction".
4. The energy price predicament is that below $80/barrel, shale and tight producers can't make money (and there will be no further investment) and above $80 and the rest of the economy gets killed.
None of these ideas are mine. All are easily goog'd.