In the last column here, I forecast that humanity may well have entered a new era of lower cost energy. This could last for just a few years or could become something much more long-term. This is due to a combination of factors and trends. The only real question is the duration.
Here is a recent short video about the Era of Lower Energy Costs:
Relative to the price of oil, I have been relatively accurate. In 2006 I suggested that we might have $125/ barrel oil by 2008 and we all painfully remember that it climbed to $147. Up until early last year I forecast a price range of $90-120 per barrel. About a year ago I suggested that the bottom of that range would be tested in 2014 and that it could fall into the $70-80 range. Well I was right about the direction but certainly missed the reality of $45 barrel oil!
Here is a recent video on the near term price of oil.
So we must consider the possible reality that we have entered a new era of lower energy costs. This will trigger corporations and nations to rethink energy policy and use. There will certainly be significant geopolitical dynamics and changes simply based on $45-90 barrel oil for the next year or two.
Interesting times on the energy front!