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What is the future of the oil industry?

Oil has always had up/down cycles, but the current down cycle is getting old. Will oil ever come back, or is this a permanent shift?

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June 2017

We have certainly come a long way from the days where the discussion was about "peak oil" and how many years until we run out of the resource. A lot of things have changed! New technology in extraction have, in effect, discovered much more supply of the resource than previously thought. The world now is awash in oil. It wasn't too long ago and the United States was importing the majority of the oil required. Not today!

Add in the alternative energy sources of wind and solar the prospect for oil is very different. Yet, it will take some time for the alternative sources of energy to gain widespread acceptance and the market for oil continues. Considering the supply that is available today, it is hard to see how the price will get back to triple digits in the foreseeable future. Many experts believe that the trading range for oil is now $40 to $60 a barrel. Looking for more than that may be the proverbial "hope over reality" scenario. 

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