To hear some people describe it, the global energy transition is nigh. Widespread awareness of climate change has galvanized consumers and governments alike to get serious about abandoning hydrocarbons. The financial world has read the new sentiment and pivoted away from oil and gas. Investors are now pouring billions into renewables, and China sees renewable energy as a national security imperative. Soon, oil production will outstrip demand, and as prices fall, producers will produce even more to make up for lower volumes, suppressing prices still further. Oil prices are going to drop off a cliff.
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