We are witnessing a fundamental shift in oil markets, a structural phase-change. Oil prices hit their lowest point last week since June 2022, when the market was gripped by fears of a global recession (Figure 1). On September 6, WTI crude price dropped more than $3 below its lower Bollinger…
I am not at all sure that a large fraction of decision-makers understand the whole gravity of the situation. Many of them really believe that this is a leisurely, voluntary transition. While it is nether leisurely, nor voluntary, nor a transition.
You may be right. I keep assuming that Western politicians are smart people who are playing dumb for the public so that they can keep their grifts going. But they may not be playing in many cases. That might explain the rather sluggish response to what looks like a very serious crisis unfolding over the next 1-3 decades.