No one knows what future oil demand will be. Shell and BP are taking a stab in the dark in the middle of the pandemic. Overall the industry knows we're at the sunset phase, whether that phase is another 10 or 20 years is anyone's guess. We also don't know what demand will fall to, if it's only a decline of 15-20% of demand, that's still 80-85 MBPD, which is where demand was 10 years ago.
Biden isn't dumb to say he will begin the transition and phase things out, seems like its basically a foregone conclusion at this point.
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