- Natural-resource investor Rick Rule warns that while potential geopolitical settlements may calm spot oil prices, they cannot prevent an impending global supply shortage expected around 2029 and 2030.
- The root cause is a massive global underinvestment in sustaining capital, compounded by capital management choices prioritizing dividends over reserve replacement and rising development costs in US shale.
- Rule recommends investing in operators that resist this liquidation logic and maintain long-life assets, such as Exxon Mobil, Devon Energy, and Canadian Natural Resources.