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The global oil market is broken, drowning in crude nobody needs
11–20 of 303 posts
Re: The global oil market is broken, drowning in crude nobody needs
#12What happened to "Peak Oil"? Was there some assumption in those projections that proved to be wrong?
Extracting oil from shale reservoirs was though to be too difficult and expensive to ever really flood the market like this. Turns out it wasn't.
Re: The global oil market is broken, drowning in crude nobody needs
#13Earlier quoted context omitted.
Wouldn’t it be nice if it didn’t, though. Large numbers of people working from home, cruise and airlines running fewer routes, people staying local instead of traveling so much, more local farming and manufacturing so less money spent on shipping....
Would be nice.... hordes of people on roads in metro areas driving their 3ton chunks of metal, one person per chunk is just obnoxious unbelievable waste, and all to mostly sit and write emails and chitchat a bit at “work”.
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Re: The global oil market is broken, drowning in crude nobody needs
#14What happened to "Peak Oil"? Was there some assumption in those projections that proved to be wrong?
I think there is/was validity to the concept of EROEI: energy return on energy invested. The EROEI of oil has decreased over time.
What they got wrong was the overall estimate of how much of this stuff there is to be extracted. The easy oil is indeed being used up, but as you invest more and more energy (EROEI decreases) the amount of oil available actually increases. Look at how much tar sands, oil shale, offshore, and heavy crude there is, but all that requires more energy to get.
We would eventually run out of oil to be had at a reasonable energy (and thus economic) cost, but after that if we still needed it we could get it by converting coal. That assumes we decide we don't need the ice caps, or the coastal cities.
We probably have enough carbon to destroy the world.
Re: The global oil market is broken, drowning in crude nobody needs
#15Serious question: how do I invest in some of those $10 barrels of oil? It seems like a contract to deliver oil at $10 in 2021 is likely to be worth more than by next year.
Re: The global oil market is broken, drowning in crude nobody needs
#16What happened to "Peak Oil"? Was there some assumption in those projections that proved to be wrong?
Extracting oil from shale reservoirs was though to be too difficult and expensive to ever really flood the market like this. Turns out it wasn't.
It is too difficult and expensive for this. Most of them are taking a loss at this price.
Re: The global oil market is broken, drowning in crude nobody needs
#17I find it odd that the article does not mention the oil price war between Saudi Arabia and Russia. https://www.reuters.com/article/us-opec-oil-policies-idUSKBN...
is the price war the reason, the consequence or the accelerator of the current market?
Re: The global oil market is broken, drowning in crude nobody needs
#18How to bypass free article limit?
Re: The global oil market is broken, drowning in crude nobody needs
#19I find it odd that the article does not mention the oil price war between Saudi Arabia and Russia. https://www.reuters.com/article/us-opec-oil-policies-idUSKBN...
The 'oil price war' was 3 weeks ago. Things are changing fast these days.
Re: The global oil market is broken, drowning in crude nobody needs
#20Serious question: how do I invest in some of those $10 barrels of oil? It seems like a contract to deliver oil at $10 in 2021 is likely to be worth more than by next year.
Find a broker, buy some futures.