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Oil: Does Supply and Demand Still Apply?

This article seems to be part of the effort to talk the spot price down.

It is true that in the long term (say 15-20 years?) alternative energy sources will replace the demand for oil, and make it both cheap again, but in the mean time we do not yet have a hydrogen economy or a solar powered electricity grid yet.
Bringing new oil fields into production takes years and a huge investment. The oil majors need the high prices for the giga-investment needed for offshore exploration and production or for shale kerogen/oil conversion.