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The petrobarons have missed a global paradigm shift.

Energy can be made in a lot of different ways that don't involve pumping liquid petroleum
out of the ground. Heck, "cold fusion" (www.lenr-canr.org) and the Bussard Polywell aren't out of the question (except that Bussard recently passed away).

Energy can now be stored in things like lithium ion batteries and zebra batteries, and in
hydrogen and in ammonia fuels, none of which produces CO2.

Energy can even be harvested in orbit and beamed back to the surface.

Although overall demand for petroleum will continue to increase for some time, demand per person is quite likely to go down. Meanwhile, lots and lots of econonomically recoverable petroleum has been found, and the production of the gear needed to get it is at an all time high.

In short, petroleum is the buggy whip of the 21st century.