It looks like we produce as much oil as we consume. The silver lining is that we appear to be relatively energy independent and as we move to cleaner energy we will capture more of the global oil trade. We will also likely see the price and value of that oil decline based on oversupply and less demand. That all depends on what happens with our new infrastructure, which I'm sure is based in some EV development, as well as our clean energy price parity.
(Check out these Supply and Demand Charts. When oil is in equilibrium its going to have one price and profit ratio but as it demand declines it will shift the equilibrium line. Some producers might at some point get out of the market and/or hedge their investments which is what they are likely doing now.)
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