The oil business has never been truly a market, where prices are
determined by simple supply and demand. Instead it is distorted by
long lead times, a producer cartel, subsidies and a lack of true
alternatives. Jonathan Lamb argues that this is all changing.
Fracking has provided a resource with unparalleled flexibility,
subsidies are in retreat, natural gas is conquering all, while the
price gyrations of the past decade have forced an industry focus on
costs and technology. The threat of alternatives is forcing the
pace of efficiency and the threat of peak demand has changed the
way that resource holders view the business. Oil prices are driven
more by market forces than ever before, making high prices
unsustainable, potentially good news for consumers, if not the
planet.
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