Is there still a case for oil?

The shale revolution and new offshore discoveries will produce bountiful new oil supplies. What does that mean for oil bulls, asks Gaurav Sodhi?

When Alexander Bell, inventor of the telephone, offered to sell his patent to Western Union for the equivalent of $100,000 today, the reply was curt: ‘This ‘telephone’ has too many shortcomings to be seriously considered as a means of communication … The device is inherently of no value to us’. 

The lessons from predictions fall mostly to the prognosticators; do it with care and humility. Predictions easily made are frequently wrong, and nowhere are they more treacherous than in predicting future oil prices.



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