Saudis thought that oversaturating the market would kill US oil production...

Saudis thought that oversaturating the market would kill US oil production. Well now the US is about to surpass Saudi in oil production and has gone from 70% importation to 30%

Fuck Saudis and their OPAC

Other urls found in this thread:

cnbc.com/2015/04/21/oklahoma-goes-from-two-30-earthquakes-a-year-to-two-a-day.html
theatlantic.com/magazine/archive/2014/10/why-i-hope-to-die-at-75/379329/
archive.is/wWhlZ
en.wikipedia.org/wiki/Energy_returned_on_energy_invested
youtube.com/watch?v=cjAwMYd9JtQ
twitter.com/NSFWRedditVideo

Unfortunately, fracking is going to be seen to have come at a much larger ecological price than previously expected. Watch out for the commoditization of water to take the place of oil -- it's already part of your medical records.

cnbc.com/2015/04/21/oklahoma-goes-from-two-30-earthquakes-a-year-to-two-a-day.html

Better pull it up and sell it while it's still worth something. Meanwhile we need thorium reactors for the future, anything else is just fantasy. Thorium could actually be a long-term energy solution. But lefties insist on shit like windmills etc. which is ridiculous for a number of reasons.

Fracking, dude. It's a fucking game changer. The US is almost competitive not only in volume but in cost as well. While fracking does present problems to be solved, it's been badly maligned by people who watched a documentary and took it as a work of investigative journalism. Fracking's problems are already being addressed by the industry itself.

OP
You are using cheap credit and going into debt just so you can extract shit oil at a loss in energy. Financing everything by selling promises of huge returns to investors and then using that as security for more credit.

Oh and you're fucking up the environment for centuries to come. But you won't notice the full effect of it all until after a few decades when the liners in the well have all cracked and the shit has seeped out into the ground water.

Fuck you gigantic frackfaggot.

Look everyone! A faggot who watched that bullshit documentary.

Thorium is already used you spazz go read a fucking book on nuclear energy. Thorium is used in conjunction with uranium. Thorium is useless on its own. Its only useful with uranium.

Fucking brainlets.

God do some fucking research. Thorium reactors have never worked as promised and there is still waste. Cut the fission bullshit. Its all horribly dirty

shale wells sputter out in less than 3 years... this glut is temporary.

I and everybody else with a shred of financial awareness knew it was a ponzi scheme long before "that documentary" became a go-to meme. I don't even know which one it is or if it's any good; only that people started reeeeeeing about it at some point.

Dallas has one of the largest known oil reserves. I think it will be fine

Saudi Arabia is one of the most redpilled states that exist. Just saying.

Fracking is a Ponzi scheme how? I'm pretty sure that's real oil being pumped out that wasn't coming out before fracking.

Saudis are a Jew puppet state.

It's not a ponzi scheme. Of course there are costs to extract the oil, but those costs are offset through the minimal processing and refining most fracked product requires. Also, the market value of the refined product.

They underestimated enough of the fracking sites to where they had to start taking out loans to open new ones in order to be able to pay off the loans for the old ones. And that's under the existing price structure where they can quietly avoid having to deal with whatever environmental cleanup and disposal costs they might or might not get hit with at some point in the future (they can ask e.g. Warren Buffet to kindly cover the cost given he's making out quite well laundering the waste water on the railroads.)

That chart doesn't say much. What's interesting is how much energy you get out compared to how much you put in. Fracking, shale, oil sands etc all extremely inefficient. Its viable if you just want to convert energy into another form of convenient energy so that you can use that run a tank or something. I mean you can power a lot of the extraction process with power from the grid but you can't really hook up a fighter jet to the grid so in that case it would still be worth it to extract it at a net energy loss.

But its not something you build a society on.

>It's not a ponzi scheme. Of course there are costs to extract the oil, but those costs are offset through the low interest rates and rising of the debt ceiling.
ftfy

Doesn't seem to be my experience. Oil companies are hiring big time and new wells are going up without old wells coming down.

In what way is fracking a net loss. Gonna need to prove that bullshit

>new wells are going up without old wells coming down.
And so is your debt.

Solar will be cheaper with or without subsidies within 6 years assuming current trends persist.

Anything could happen long term, but remember when they first tanked the oil prices and immediately the oilfield brotruck guys were like
>fug now what

Well its not a loss if you can lure investors with grand claims about returns and how environmentally safe it is and how they never have to deal with any lawsuits regarding polluted water.

And its not really a loss for the banks issuing credit on assets that won't perform since the tax payer will eat those losses sooner or later anyway.

I'm not in the oil industry but I see a lot through my job. Debt is cheap right now. Why wouldn't you borrow money with a solid business plan to extract oil? That's sort of how capitalism works. I'm not arguing that drilling isn't expensive and I'm sure people are boring money, but when it's cheaper to borrow than repatriate foreign profits, that's what you do. You are going to need to provide sources if you want me to believe banks are lending for failing drilling operations. According to you, it's not even worth extracting so why would the banks even want the fracking land and equipment. Sounds like it's just a big cleanup liability if you use your logic.

The problem with solar power is the storage issue.

Solar can't provide all our needs 24/7 without storage solutions. If we had storage solutions we would be deploying them now

Battery technology is being steadily improved to store different types of intermittent energy sources like solar.

That's literally a ponzi scheme. Now, if you pay attention, you can get signals about how "they" plan to jump from one ponzi scheme to the next. Local NPR station today ran a bit saying it was indeed a good idea to shut down coal so that way nat gas remains profitable, and that's going to be the gateway to the new green economy because nat gas electricity generation can take up the slack from the failings of "renewable" energy sources that can't realistically power the grid -- thus ensuring that all the investment in our new green economy will pay off and the Jew World Order can take place.

That's called market rigging and fraud.

I feel like you don't know much about the oil industry. The only people I know losing money is the guys that didn't lay people off when prices tanked. Everyone else has come back twice as strong. You are acting like all these guys are idiots and swindlers. Some are but the industry definitely makes a profit

They are being deployed more rapidly right now. There's more solar jobs than coal jobs for perspective. Decentralized on-sight energy production is becoming more cost effective every year.

>it's already part of your medical records.

what does he mean by this?

Saudi importation is at 0%, USA are net exporters now

Part of the electronic globalized medical record system is a move toward the Emmanuel Ezekiel type plan where the government-supplied medical care you get depends on basically a cost-benefit analysis of the expected value of your life vs. your expected benefit to society.

As part of this, not only do you have a "carbon footprint" based on how much energy you consume, but also a "water footprint" based on how much water you consume.

Solar panels and batteries require rare earth minerals of which China and North Korea have ~98% of the worlds reserves and the mining of is one of the most toxic processes on the planet.

But hey keep telling yourself that green energy is great

derp expected cost of your life vs. your expected value to society

Yes, they communists are serious about this
theatlantic.com/magazine/archive/2014/10/why-i-hope-to-die-at-75/379329/

>I'm not in the oil industry but I see a lot through my job. Debt is cheap right now. Why wouldn't you remove idiot investors from their money with grand tales about a great business plan to extract oil? That's sort of how usury works.
fixed

>I'm not arguing that drilling isn't expensive and I'm sure people are boring money, but when it's cheaper to borrow than repatriate foreign profits, that's what you do.
You always borrow money, that's what you do regardless if the times are good or bad.

>According to you, it's not even worth extracting so why would the banks even want the fracking land and equipment
What makes you think the banks will eat the losses? Did they eat the losses in 2008? No. They make bad loans to make money on interest and then they use those bad loans as an asset and sell it to other people because that 1 billion loan to that fracking well that only produce 0.5 billion worth of oil is totally going to get paid in full and with interest.


>Sounds like it's just a big cleanup liability if you use your logic.
If you got stakes in an clean up company and an insurance company and can get the tax payer to chip in on both you just made more money.

Checked. Let's archive it.
archive.is/wWhlZ

You still haven't explained how it's a ponzi sceme. Then you sourced something on NPR.
Increased natural gas production is a result of fracking. Natural gas is a greenhouse gas. We don't even capture and store most of it because it's not profitable to do so. It might burn cleaner but it's not big money.

Its because they dont understand economics, saturating the market with foreign goods only makes the shit at home cheaper. Surplus = reduced cost

Taking out new loans to pay off the old loans is a ponzi scheme. The NPR comment was just to explain how they're thinking about kicking the can down the road further.

I know nat gas comes from fracking. What they're explaining is part of how to keep the fracking game going by working on the nat gas side rather than the oil side in order to fold it in to the green economy.

The minerals for more and more efficient batteries are more common. The toxic waste produced is not nearly as consequential as climate change or nuclear waste. As the technology has improved so has its environmental impact.

I think they understand it perfectly. Decreased oil price did stop production across many parts of the US.

>Solar can't provide all our needs 24/7 without storage solutions.
Its funny that you say that because fracking oil is basically a convenient one time use liquid battery.

en.wikipedia.org/wiki/Energy_returned_on_energy_invested
>When the EROEI of a resource is less than or equal to one, that energy source becomes a net "energy sink", and can no longer be used as a source of energy, but depending on the system might be useful for energy storage (for example a battery).

I know it wouldn't be possible without record low interest rates and relaxed environmental standards.

You have a system where your debt is some one else asset so people going into debt to extract crappy oil is not really a short them problem.

Who is doing that? You are making a straw man argument

You have no understanding of economics or oil extraction. We aren't even close to running out of oil so it's essentially an everlasting battery. By the time we run out, it will have been obsolete for 100 years and we will still be dealing with the pollution from nuclear fusion and lithium ion batteries in the year 3000

>water to take the place of oil -- it's already part of your medical records
off your meds I take it.

There has never been a single case in which fracking fluid, or any other contaminant released from fracking entered the water table. Not to mention that fracking fluid is edible anyway.

Again not much more than a 30 second delay.

People don't understand that oil and water don't mix

What does this mean

Are you mad? The it's patented and the EPA has been protecting it on that basis with no credible argument that it's edible. Meanwhile according to the rules they (esp. Warren Buffet -- that's part of why he bought up the railroads) can let it sit in tanker cars, move it around the country, whatever, and then dump it back into the ground after enough time has passed such that it is technically legal to do so.

nobot very often has a 30-35ish second delay before archiving.

Wait until we frack Yellowstone's oil chamber, we'll become the world's #1 exporter and oil will be back to $10 a barrel.

>oversaturating the market
>what is an economics?

prices where 120+ per barrel, that is the opposite of oversaturation

All it requires is a detergent or anything else like that to bond your way from one molecule to the next. That's the basis of doing the dishes or the laundry. Are you really this ignorant?

>>Solar distillation
>>Desalinization

You're stuck on the old meme that water is strictly a natural resource, and you're cucked if you think we are reliant of the whims of the weather.

Sink holes and cross contamination with aquifers are what aught to be worried about regarding fracking, otherwise it is an oil extraction marvel.

Then let it evaporate and save the shit left over. They have massive steam distillers of you don't want to put it in pools in the dessert. It's just oil and water and a food safe chemical.
Besides this isn't even anything new. We have been dealing with waste water from wells since the EPA has had a say in it.

That's great if we get there. But I don't know if that's worth emptying and wrecking the aquafers if you want people to be able to pump their own water and grow crops and all those old fashioned kinds of things.

THANKS OBAMA!!!!!!!!!!!!!!!!!!!!!

Hey he got rid of the coal jobs like he said!

Yeah, right? When he announced that as a candidate I was like
>wtf dis nigga srs
And the madman actually did it!

>>...if we get there.

Pictured: Desalinization in Saudi Arabia. The time is yesterday.

Any Aussis here want to joint in on this?

When did i ever say we where running out of oil? We are just running out of easily accessible and energy efficient oil.

>We aren't even close to running out of oil so it's essentially an everlasting battery.
Exactly my point. You need to charge batteries with some other energy source and you will never get as much out as you put in.

That's like showing me one of the solar farms they put up in my old town. The UN is still promising toilet water and yet the astronauts still can't use it.
youtube.com/watch?v=cjAwMYd9JtQ

(norbot doesn't seem to hooktube automatically -- let's find out :D)

It fucked the Russians and Venezuelans, that was the plan

We built a desal in Victoria during the drought.

The drought broke and it's been switched on once I think.

Will be handy in the future, especially when our population keeps climbing. Plus one million here in just over the last decade...

Fuck off shill.