Let’s start building these floors:
1. the last cycle of 2008 peaked at $150, which adjusted for inflation bringing us to $200/barrel now.
2. admittedly, because the world uses more renewables than in 2008, it would take HIGHER oil to destroy demand. I.e. the US consumer is far more protected from the oil shock than in 2008
3. Also, don’t forget that we entered 2008 after a few years of the commodities boom and major oil discoveries and developments – deep-sea drilling globally and US shale.
Now we inherited a decade of underinvestments into the old economy, including fossil fuels.
So, should we be talking $300+/barrell?