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I assure you everybody noticed peak conventional oil though (peak production in north sea was 2005 i think?). According to WEO the conventional/crude oil produc

by orwin 5y ago

I assure you everybody noticed peak conventional oil though (peak production in north sea was 2005 i think?). According to WEO the conventional/crude oil production peaked in the west in 2007 (between 2005 and 2010). This could've caused a production slump and might have affected other markets in the US. A bubble burst rarely happen in a nutshell. Oil-dependent countries like Italy and Spain realized their "euro crisis" was a production crisis (and certainly not a liquidity crisis), caused by a lack of energy availability (Lybia war did not help with oil import tbh, and algeria/Syria peaked around 2010). There is a reason why they are changing their energy mix, its not only because "green" is better.

MR4D 5y ago
US production peaked in 2019 [0]. Central & South America peaked in 2015 [1]. There is no bubble peak before that (except for individual countries like Venezuela). [0] - https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=A https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M... [1] - https://www.eia.gov/international/data/country/VEN/petroleum-and-other-liquids/annual-petroleum-and-other-liquids-production?pd=5&p=0000000000000000000000000000000000vg&u=0&f=A&v=line&a=-&i=none&vo=value&&t=R&g=000000000200000000000000000000002&l=249--243&l=163-000008100000000000200000000100002000000001000002g&l=48-g8o04n0416o1a008045kk020820001g2800062800420g2047g&s=94694400000&e=1609459200000 https://www.eia.gov/international/data/country/VEN/petroleum...