Part 4/9:
As they delve into relevant data, they highlight Bloomberg reporting that oil discoveries have hit a six-decade low, signaling potential future supply shortages. Muckerman emphasizes that while shale oil can be rapidly deployed to markets, offshore oil production remains a long and costly process, often taking five to ten years to develop fully. This chronic undersupply of new oil could lead to a favorable long-term environment for higher oil prices, despite current volatile dynamics.