Publications: Notes at the Margin

Ominous Portents (January 11, 2016)


The energy industry, particularly the oil industry, faces a number of possible “Santayanan moments” today. In the short run, the industry confronts an oversupply situation compounded by unseasonably warm weather in key energy-consuming areas. In the intermediate term, it may have to cope with economic stagnation that will restrain oil consumption growth or, worse, cause it to decline. In the long run, many large oil firms could suffer bankruptcy, the fate of numerous companies of similar size in other industries that failed to adopt to comparable circumstances.


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