Oil’s dominance is ending due to renewables and supply shifts; the next crisis will be volatile.
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Oil remains a central global element, energy source, and geopolitical tool, but its dominance is ending. While “peak oil” has been predicted before, the current situation is different because the world is producing an oversupply, unlike past shortages caused by events like the 1973 oil embargo or the 2022 invasion of Ukraine. The OPEC’s production cuts, coupled with the unstoppable advancement of fracking in the US and the declining costs and increasing safety of renewable energy, are accelerating this shift. Experts suggest this could be the last major oil crisis, as renewables are becoming cheaper and more secure. Paradoxically, the end of oil’s dominance will not bring stability to its price; instead, the final years will be the most turbulent because oil still powers global industries.
