The oil economy

World oil demand (including gasoline, diesel, jet fuel, LPG, …) is back to pre-covid levels and continues to grow. This is despite the well mediatized and noticeable efforts made to develop alternative energy sources. Fact is that renewables are not (yet) making a noticeable economic difference on a global scale. With the investments in finding and developing new fossil reserves at low levels for several years now, we would expect that energy prices will continue to trend upwards.