Remember: these are the same people who say that we know everything we need to know about climate change and how to fix it, and if you disagree you’re an immoral person and should shut up or be prosecuted and jailed:
Matt Ridley wrote in the London Times yesterday (behind a paywall so forget a link):
The shale revolution is the dominant reason for the fall. I know columnists are not supposed to say I told you so, but I did: “Oil prices look set to fall as America exploits a shale cornucopia,” I wrote here in 2013, when the price was persistently high: “Shale gas is old hat; the shale oil revolution is proving a world changer.” This was at a time when pessimistic predictions that we had reached “peak oil” were still widespread, and many thought oil prices would rise even further. . .
The Price of Oil, a book by Roberto Aguilera and Marian Radetzki (fellow and professor of economics at universities in Australia and Sweden respectively), predicts that this shale revolution has a long way to go. Although the current low oil price is bankrupting many producers and explorers in North Dakota and elsewhere, and many rigs are now standing idle with jobs being lost, there has only been a very modest fall in production.