At some point the rush to sell oil will turn into a preference to conserve. In that case the days of happy motoring for the world's 1.2 bn oil fuelled cars will be in terminal decline. Along with aviation, farming and delivery trucks.

World liquid fuel production is now nudging 100 million barrels a day. My hunch is that may be about as high as it ever gets and will start declining in a few years. Recent overproduction by Saudi Arabia simply brings that day closer. We could possibly cope with the first 10% decline not sure about the next 20% and thereafter.

I see no end to the discounting for a number of very cogent reasons. The first being the possible increasing recovery of tight oil, given the technological innovations forced on that industry by current competition.

Then there's the massive Edmonton reserves of 1.8 trillion barrels which matches Saudi reserves? and recent technological advances makes all of it recoverable, and at consistently low prices?

Then there's the advent of vastly improved batteries (with a possible 25 year usable life) electric vehicles and mileages that become seriously competitive with the fossil fueled variant. I suggest you type tesla wall batteries into your search engine and have a good look at any cross links that then throws up, as opposed to taking any notice of the misinformation of operators, with skin in the game?

And emerging public transport could be looped around at around the speed of sound and on the ground. Magnetically opposed(nine tons per square inch) levitation and electric rail guns (potentially just below the speed of light) and electrically powered by vastly cheaper carbon free power!

[Some of these applications could also be used to launch satellites or catapult mankind on a journey toward the stars?]

Those with still functioning minds, will understand they have little more than a decade to make hay or gather ye rosebuds while ye may.

Or if stupid will try to go back and ration it (shoot themselves in their own economic feet) and simply hasten the day the world no longer relies on fossil fuel or those who currently own or refine any of it!
Alan B.