I read recently that the attack against the Saudi oilfields could have lead to a big drop on the stock market. But it did not. The author of that article partially attributed that to that much of the world is moving away from fossil fuels, and as a result the importance of oil for the global economy is decreasing. The article further stated that nobody talks about "peak oil" anymore, because the demand for oil is steadily decreasing. It further elaborates that the price of oil is lower today than ten years ago, and the trend is for the price to be falling, even if there are occasional bumps.
It states that the world's use of oil for energy has decreased from 50% in the 1970s, to 30% today. According to it, the vehicles industries are working to abolish oil-based fuel, and focus on electric fuels.
It also stated that in the US, it will probably be companies that lead the move toward becoming more climate-friendly, as the American government has typically been passive or negative toward international treaties seeking to limit emissions. As an example, it mentioned Amazon's recently stated aim to have zero carbon emissions by 2040, and that its deliveries should run on 100% renewables in 2030.
What do you think about this? It sounds very optimistic.
For those of you blessed with knowledge of Swedish, here is the article I am referring to:
Seger för marknaden att oljan förlorat makt