1) I am not going to lose my time for some Beastly phantasies. TheBeast1 is clearly in dreaming mode. SamuelBRoberts is just jealous, as always.
See:
thread-72077.html
2) The entire point of International Energy Agency (which is OECD agency and not a Gaia cult church; OECD is much more useful than globalists UN, makes PISA tests and all kinds of research) making such an official prognosis is to point out that - as of 2018 - not enough investments were made to provide for future oil demand. And, frankly, 2025 is in few years. Simmons' wager, on the other hand, is long time in the past.
The investments have not been made due to the fact that, for example, shale oil drillers are drowning in debt. Too much debt already. That means it is not
economically feasible to invest anymore. I think that the high development prices cover the declining EROI (Energy Returned on Energy Invested) and thus the declining energy per barrel available to the economy outside oil industry. It may be so, for example, that the real development and processing cost per barrel is 70$, but the energy the final consumer gets from this barrel is worth just 30$.... so the non-petrol economy buying price is 30$, but the petrol industry dream price would be 100$, since the industry wants some profit too, which in this case would be 30$ (30+70=100). The general economy was build on much lower oil prices, around 10$ per barrel, so now it is not able to keep pace with oil industry rising costs, save the economy became much more efficient in order to take the rising oil costs. Simple, we are not ready to pay enough to get enough oil. Notwithstanding the absolute peak or not peak in geology terms, we surely are at
the peak of affordable oil.
Some of you will say that this is exactly what should happen, the economy should become more efficient with not-efficient-enough parts of economy simply dying. The problem is that this not-efficient-enough economy is actually the greater part of global industrial economy.
The other problem is that the local industrial economy more or less ceased to exist, so there is no falling back to the "local" mode. Why Trump wants to re-industrialize USA?
Re-industrialization of the West would be now difficult exactly due to the shortage of oil and debts. Yet another problem is that nowadays, building even simple things in the West, like roads or railway lines, is very expensive. And industry is more complicated than just roads. You see the conundrum.
By the way, USA is still importing around 1 million barrels per day from Saudis.
So how is that that USA still prefers foreign oil to domestic production? Maybe this USA shale oil is not really such a coveted product in USA...?!
It must be reminded that what consumers outside petroleum industry ultimately want are oil industry products, not crude oil itself, and the non-conventional crudes are not always up to the task.