Meanwhile and in other news, MCC:s carbon clock indicates that we just shattered the 1.5 degrees warming limit. https://www.mcc-berlin.net/fileadmin/data/clock/carbon_clock... (Calculations according to IPCC:s most probable scenario).
The United States Is Now the Largest Global Crude Oil Producer
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Re: The United States Is Now the Largest Global Crude Oil Producer
#12It's been fascinating to watch Saudi influence wane over the last few years as this sinks in as the new reality. We live in a completely different power structure now from 20 years ago. They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point due to tar sands, renewables, and natural gas.
Enabled entirely by tar sands and fracking tech. OPEC made oil really expensive incentivizing technology development and now US*Canada have put a cap on oil prices and could bankrupt any nation relying on oil for the majority of their GDP.
History books might cite oil technology, electric cars, Trumpism, the failure of European unity, and the coming recession to be the collection of triggers for the most "interesting" times we've seen since WWII. The legitimacy and power of the American government is at a low point, if we bankrupt our adversaries and fall into a recession ourselves, who knows what could happen.
Re: The United States Is Now the Largest Global Crude Oil Producer
#13It's been fascinating to watch Saudi influence wane over the last few years as this sinks in as the new reality. We live in a completely different power structure now from 20 years ago. They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point due to tar sands, renewables, and natural gas.
>> They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point No, not really. They still have the ability to flood the market and cause prices to tank, which would wreak havoc on the US fracking industry.
>No, not really. They still have the ability to flood the market and cause prices to tank, which would wreak havoc on the US fracking industry.
...And tank their own profits? Cheap oil is good for literally everyone but the Saudis, that's the entire reason they've cut supplies since the glut of 2014-15.
US fracking is already barely at a fraction of capacity right now with how low prices are. It's not an essential industry for us, and our economy is doing fine without it. At this point the US can essentially produce unlimited oil at ~$50/barrel (break even for fracking with current tech [0]) whenever we want.
[0] https://www.reuters.com/article/us-usa-shale-kemp/u-s-shale-...
Re: The United States Is Now the Largest Global Crude Oil Producer
#14Earlier quoted context omitted.
The link is to something maybe questionable, but the information source is the EIA, the same graph is on the front page of https://www.eia.gov/
Isn't that some sort of climate-change-denial organization now? I wonder if this mean the US will stop making war on oil rich nations, and instead have to contend with invasions now? Would certainly be a change. (in all seriousness, I'm not advocating wars of agression on anyone - for natural resources or other reasons)
More like another Russian revolution dragging in old satellites or a regional war in the middle-east.
Less wars of aggression and more overthrowing the powers which were held there by oil profits. Mix in world powers trying to "help" and we've got something coming.
Re: The United States Is Now the Largest Global Crude Oil Producer
#15The word "producer" is misleading. No new oil is being produced. Should be largest "Extractor." Too bad. Wouldn't it be better to buy from other countries and leave your reserves in the ground? In the future, once all the easy to extract oil is gone, the US will have to buy from abroad at potentially higher prices.
It's not the US extracting (or buying) oil, it's private companies. Who can make a profit today.
Re: The United States Is Now the Largest Global Crude Oil Producer
#16The word "producer" is misleading. No new oil is being produced. Should be largest "Extractor." Too bad. Wouldn't it be better to buy from other countries and leave your reserves in the ground? In the future, once all the easy to extract oil is gone, the US will have to buy from abroad at potentially higher prices.
The US tried that - it turns out it isn’t that simple.
Re: The United States Is Now the Largest Global Crude Oil Producer
#17Good on them. But what a sorry state to be in, when global warming and sea level rise related problems already are a reality in Miami or - of all places - Norfolk's naval base.
Re: The United States Is Now the Largest Global Crude Oil Producer
#18It's been fascinating to watch Saudi influence wane over the last few years as this sinks in as the new reality. We live in a completely different power structure now from 20 years ago. They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point due to tar sands, renewables, and natural gas.
This doesn't seem to have stopped them having a war in Yemen with Western assistance.
Re: The United States Is Now the Largest Global Crude Oil Producer
#19Earlier quoted context omitted.
>> They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point No, not really. They still have the ability to flood the market and cause prices to tank, which would wreak havoc on the US fracking industry.
>No, not really. They still have the ability to flood the market and cause prices to tank, which would wreak havoc on the US fracking industry. ...And tank their own profits? Cheap oil is good for literally everyone but the Saudis, that's the entire reason they've cut supplies since the glut of 2014-15. US fracking is already barely at a fraction of capacity right now with how low prices are. It's not an essential in…
I always bet on entrepreneurs and free markets over kingdoms and dictatorships. The Sultan got things set up a certain away and assumed nothing would change, while the free West just responds and innovates no matter circumstances.
Re: The United States Is Now the Largest Global Crude Oil Producer
#20The word "producer" is misleading. No new oil is being produced. Should be largest "Extractor." Too bad. Wouldn't it be better to buy from other countries and leave your reserves in the ground? In the future, once all the easy to extract oil is gone, the US will have to buy from abroad at potentially higher prices.
I strongly suspect that oil usage is going to drop drastically in the next fifty years, thanks to renewable energy and electric cars. While some oil will still be needed for other sources (for example, planes), it should mostly drop off. What’s the in having oil reserves that you don’t need?