Two years into the global oil-price collapse, it seems unlikely that prices will return to sustained levels above $70 per barrel any time soon or perhaps, ever. That is because the global economy is exhausted. The current oil-price rally is over as I predicted several months ago and prices are heading toward $40 per barrel.

Oil has been re-valued to affordable levels based on the real value of money. The market now accepts the erroneous producer claims of profitability below the cost of production and has adjusted expectations accordingly. Be careful of what you ask for.

http://oilpro.com/post/25952/why-oil-prices-might-never-recover?utm_source=DailyNewsletter&utm_medium=email&utm_campaign=newsletter&utm_term=2016-07-18&utm_content=Feature_1_txt

Oil and fossil fuels are past their heydays for sure. renewable energy is growing big and will grow even more during the next decade. and that is good news. Saudi Arabia is already shifting its entire economy away from the oil business. If they don't know what is going on, who then....