Comox agree we are probably at the bottom of the cycle and gas pricing will
go up. How many of these cycles have we seen? Many. I can can remember having a 4x4 (it was my company vehicle) in the late 70's, got 8 miles to the gallon. My recent Corvette got 32 miles per gallon (cylinder deactivation), go figure.
My son had a 4x4 Ram and just moved up to a Ram 2500 to pull his 40ft trailer. He seems little concerned about gas/diesal prices. One of three vehicles he owns. Most of his friends have pickups. I keep hearing about millennials being anti-car or something, don't see it though. I have yet to see anyone in my subdivision that owns an EV, houses are all 7+ digit so they could afford them if they wanted them. Do see a few around town. I only know one person personally that owns a Tesla , CEO of a software company so kinda figures. Maybe I just hang with the wrong crowd ;) EV's will continue to expand their market share fractionally each year, longer term I doubt Tesla will be around.
Experts are almost always wrong in my experience. Oil demand for decades has only gone down in recessions, here we are, surprise. Yup now it's peak demand, unlikely. No one can predict oil prices out a year, no one. When does this cycle turn up, who knows but it will. Stocks are extremely cheap on a very long historical time line, that I am sure of. BP is selling off some fossil fuel holdings now, going heavy into renewables, odd in 2015 when oil was much higher they sold off their renewables and bought fossil fuels. Guess they are the experts though.
Everything I own in energy pays dividends, I own a lot of energy right now, fact is probably the highest percentage of my holdings since 2005. Everything is a trade on a long enough timeline but I feel pretty comfortable this is the right bet at the right time. The rest of it, peak demand, peak supply, just not that sure of, too many variables. I remain flexible. One thing I am very sure of, can't wait for this pandemic to be over, my wife and I are getting cabin fever.