Namdogon

Why Cheap Oil is Great for the Majors

You say "If we assume that within 3 -5 years the world economy starts to grow again, and continues its upward path of growth, which it always has done"

As economic 'growth' is built on an expanding energy base and we are close to or have reached the point of maximum energy extraction in the world i.e overall energy available will decline, this is a very big assumption to make. Ok things might get better for a while in 3-5 years but this will only be short term on the roller-coaster of long term energy decent/economic depression.

(Liquid crude oil production is close to peak, coal & gas will follow in 10-15 years, uranium in 20-25 years - investment in renewables is totally inadequate considering the energy gap crisis we are heading towards)

Our economic system will have to change from one based on ever expanding debt to one based on real resources - energy being best candidate.