Though the worlds largest user of oil is the transportation sector, which is moving toward EV's, between the natural rate of growth in vehicles world-wide and the very slow incremental increase of EV's due mostly to battery technology, the use of oil overall will continue to increase for our lifetime. Plastics, fertilizers, etc are major consumers of oil also, and there is no replacement in either sector. The North Slope infrastructure is developed and that sunk cost can produce in excess of 2 MILLION barrels per day. Given today's low rate of 500,000 barrels, the marginal cost of drilling is quite low, given the remarkable production of North Slope wells, commonly over 5,000 bpd, far outstripping wells in the lower 48, typically @ 100's bpd.
The key is pipelines to the new discoveries and that is the immediate, major cost. The Trump administration would do well to sponsor new PIPELINE development on the Slope, with those pipelines earning the PPP their payback. Develop pipelines NOW!