This is not a joke, but neither should you worry if you are long oil, as the price will most likely hit (at least) $100 long before it heads south, and that is due to a rising deficit between oil production and new oil discoveries (exhibit 1). Exhibit 1: Oil discoveries vs. oil production (globally) Source: The MacroStrategy Partnership LLP I should also point out that, strictly speaking, I should have said fossil fuels , not oil , in the headline above, but there wasn’t enough room for all those extra characters! In other words, what I meant to say is that fossil fuel (oil, gas and coal) prices will most likely approach $0 over the very long term. Just to complicate matters even further, strictly speaking, not even that is correct. What will happen to fossil fuel prices in the future is anybody’s guess, but what almost certainly […]