>Just to add to this: You seem to be referring to the global picture. If we look at the US in isolation it is a different story. 30 yr low was ~4M barrels of crude oil from fields. We were at ~12M Barrels in 2022.

The oil market is a fully globalized commodity and there is no "American picture", there is just the global oil market. This is why OPEC can manipulate elections by changing the rate at which they produce oil, and it is why Biden was able to "leverage" global prices to make the taxpayer billions by selling high and buying low.

The American reserves of oil are insignificant with regards to the next generation of transportation, and wringing out the last drops of oil from shale rock at prices approaching $70/breakeven (and rising fast) is not the savior of ICE.

Plus OPEC will happily drop prices and destroy American oil industry every so often because their breakeven is still dramatically lower.

>Speaking about the US: Crude oil will be around for a long time together with LNG. Whether that is good or not is an interesting question. Either way, the conversation IMHO starts to become very different for the US compared to other significant economies, and global metrics are becoming less useful.

"Being around" and "being affordable enough for your F150 and XL SUV" are very different things.

Oil absolutely will not remain affordable for Americans in 15mpg vehicles, and the next decade will see the death of cheap American oil. We cannot print enough debt to subsidize it forever.

When you consider the BILLIONS of humans who want way way more oil in China, India, and Africa (et al), you start to see how declining global production + quadrupling global demand = the end of cheap oil.