>oil discoveries at lowest level since 1952
>conventional oil fields declining 5-9% per year
>unconventional oil not being developed due to low prices
Oil will be $200/barrel by 2019-2021 due to shortages, it will throw a wrench in economic growth and lead to another financial crisis
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>hes still applying simplistic malthusian thinking to resource depletion
its like you people never ever learn
So invest in oil now?
got it
>Saudis depressing prices to shut down competitors
>in a few years they'll crank the price back up
>competition will enter the market
>depress prices again
>repeat
graph is wrong. economic reasoning is wrong. conclusions are wrong
>throw a wrench in economic growth and lead to another financial crisis
Wow, that's all? That's actually pretty okay.
You forgot about shale. why do you think prices are so low to begin with.
Production is slowing because there's a production glut and prices have bottomed out. There's no price hike in the future unless there's multiple wars that restrict oil supply enough where oil sands and fracking can't compensate.
Fucking leaves I swear.
this has to be a slide thread no one can be this stupid
the price of damn near everything including oil is set by the derivatives markets
The major cause for the falling price is lack of demand as well as US geopolitical policies
There is enough oil in alaska for the next few hundred years by it self
Fucking idiot. Do you not know how much fucking oil we have gotten to and capped in this country? We are just waiting.
there is stil coal and nonrenewable resources so we'll be fine
>By 2020 electric vehicles will be cheaper to produce than gasoline vehicles anyways.
This is only true for cars. We have no electric cargo boats or airplanes.
...
DUDE
Nice dubs but that's not how you greentext newfriend
Plus Brazil has the Jupiter oil field and they haven't touched that either. The Americas look like we're waiting to charge everyone premium.
What is shale? America's geography combined with our enormous and successful capital markets ensure our ability to exploit the enormous potential of shale like no other nation on Earth.
>Hurrrrr
Youre an idiot, the reason Saudi Arabia is flooding the market with oil is because they fear American shale oil and are trying to defend their market share from shale exporters and Iranian oil.. American/Canadian shale oil can last for hundreds of years, all they need is a cheap enough way to extract the oil, and youll have cheap oil. We have plenty of unconventional oil left, oil will never go back to 100 dollars per a barrel.
Anyway Fossil fuels will eventually become redundant as a result of advancements in solar and theyre getting cheaper. Perovskite solar cells are the next big thing in Solar energy and can be 10 times cheaper than current solar cells
Cant wait for the US to become an Oil powerhouse again after Saudi Arabia dries up.
Does this mean the Middle East becomes irrelevant once again???
I fucking hope so
Maybe if enough people have electric cars the price of gasoline and diesel will go down to a point where it's more efficient for freighters to use than bunker fuel.
alaska is fallback for when we go total war against the rest of the world and need our own reserves
>Saudi-Russia mtg just to keep prices high for quick autocrat profits
>Record-shattering consistent rig builds this year
>Iraq producing more than ever
>Venezuela pressured to restore rigs and tap in to save the government
>The current market is inflated on the hope that Saudis and Russia will input a freeze; notwithstanding the absurdity of them cooperating, Saudi Arabia's Prince Turki has said on the record that it seems now that a freeze is unnecessary
>Bullshit EIA projections based on Malthusian beliefs said 2017 would recover, which propped up oil several dollars and has been part of the bubble
>OPEC just recently adjusted its 2017 outlook, saying it was wrong
>All positive indicators for oil in recent months in terms of projects have been based on this inflated market, not fundamentals
>The recent two weeks of rig drawdowns has been due to weather events
>Oil is propped up in futures contracts by greedy banker boys who didn't do their homework
>Long-term, there is no reason to believe the market hasn't changed for oil; already, drillers are making significant investments worldwide for new drilling rights
>OP's a fucking leaf
>work on Operator side of drilling
>mybodyisready.jpg
Can't wait for it to hit the $100's again. Going to be stacking that cash.
Demand is going to decline- alternatives are coming to market, and consumption is down due to more efficient technology. Prices are low now and probably going to go down further when the economy tanks at some point over the next year or so.
>Can't wait for it to hit the $100's again. Going to be stacking that cash.
Don't hold your breath...
meanwhile we're in teh process of building a pipeline that moves shitloads of oil every minute
If you are right, you should buy oil futures and make a killing.
Isn't this what Harper was using to justify all that investment in oil?
Look what happened now?
But we're already the largest oil producer on Earth when we count shale among traditional crude. We get most of our oil from our own ground, not the Saudi's.
So what? We'll still need fossil fuels to generate all that electric power.
>oil discoveries at lowest level since 1952
leafs cant into logic lel . there is over production vs demand. its been building up. its called the oil glut
during the glut they almost completely stop surveying which means they they find little since there is no reason to drill for it since the price is to low
oil is constantly being made by bacteria in the ground. the amount of oil from decaying plant and animal mater is trivial. almost any spot off the coast of any where has oil
they told china you dont have oil years ago. then china did their own surveying and found tons of it
Oil and various hydrocarbon replacement are at an all time high in terms of access due to technological improvement. The only problem with oil so low there not economicly viable. Once oil goes up the market will be subsidies but those same source.
BAM FREE MARKET FIXED IT.
>Not knowing Saudi is pumping oil like crazy to hurt Canada and Russia
>Being this economically illiterate
You must be from Quebec