Most experts agree that the future of oil is not bright. Just before prices fell from their highs at more than $110 a barrel in the middle of 2014, the common wisdom among those same experts was that they would stay high for a while. But almost three years later, they are still in a relatively low range of the upper $40s to the lower $50s.
Prices may remain low for a considerable time because shale producers in the US have adjusted to this environment. Even though there could be a rally in the short to medium term, in the long run (as early as the late-2020s) oil will lose its lustre.
This last age of oil will come as the transportation revolution displaces oil’s leading role as a fuel, especially in motor vehicles.
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