Economy 52,845 Posted May 4, 2016 Share Posted May 4, 2016 http://www.wsj.com/articles/oil-prices-slide-on-increased-opec-output-1462271461 Oil prices in the last month have surged up to nearly $50/barrel as investors buy up the comodity as they speculated supply and demand to balance by end of 2016 Unfortunately Russia, Iran, Iraq and Saudi Arabia are increasing production more quickly than anticipated... Canada and US production has also proved more resilient than anticipated This weeks oil storage stock piles rose another 1.3 Million barrels and demand will not grow quickly enough to eat up extra production. Link to post Share on other sites More sharing options...
RadioIsOurs 13,876 Posted May 4, 2016 Share Posted May 4, 2016 OH YES COVER ME IN OIL NOW! Link to post Share on other sites More sharing options...
Luiz 4,253 Posted May 4, 2016 Share Posted May 4, 2016 poor venezuela I disapprove of what you say, but will defend to the death your right to say it. Link to post Share on other sites More sharing options...
Seeka 12,372 Posted May 4, 2016 Share Posted May 4, 2016 Economy, what your predictions for oil, in say, late November/early December. I'm planning a trip then. Also, thank you for our weekly does of "Hey, Money Talks" with Economy. Link to post Share on other sites More sharing options...
AddMeOnMYSPACE 2,097 Posted May 4, 2016 Share Posted May 4, 2016 can we just make more electric cars already! At least we wouldn't have these pointless wars going on about Oil Link to post Share on other sites More sharing options...
Economy 52,845 Posted May 4, 2016 Author Share Posted May 4, 2016 9 hours ago, AddMeOnMYSPACE said: can we just make more electric cars already! At least we wouldn't have these pointless wars going on about Oil Yes we would. Cars would eliminate about 25-30 Million barrels a day of consumption which means wed still use about 60 Million barrels a day for other uses... The industry would still exist but demand would shrink. That would make recent wars on who can sell oil even worse Also the transition is slow. U cant just suddenly put all electric cars on road #1 they are still more expensive than gas cars and most ppl cannot afford them abd subsities only do so much #2 Not enough charging infrastructure yet for them to he convinient. That must be taken care of first #3 Transportation energy for cars alone is about as high or higher than general electricity usage. Electric consumption would more than double if all cars went electrical. We do not have that kind of spare capacity. Energy needs to be taken care of first also Basically im saying take care of what needs to happen to sustain an electric car society, and only then try to make that the standard Link to post Share on other sites More sharing options...
Economy 52,845 Posted May 4, 2016 Author Share Posted May 4, 2016 10 hours ago, Seeka said: Economy, what your predictions for oil, in say, late November/early December. I'm planning a trip then. Also, thank you for our weekly does of "Hey, Money Talks" with Economy. Hard to say because it all depends on OPEC at this point production is stalling in most countries now do to lack of investment and world comsumption is still rising over 1 million barrels a day each ear... But OPEC sees the new unconventional oil industry (Oil Sands, Shale Fracking, Deep Sea Drilling) in other Countries as a threat. So instead of cutting production to raise prices as they have in the past, they are producing more to keep prices down and keep competition down since they are the lowest cost producers OPEC cant even agree within themselves on a quota right now so each Country is down whatever they want and raising production and its every man for himself right now we are still producing 1-2 Million barrels a day globally thab we are consuming and storage stocks are at all time highs. Some storage hubs are running out of space. In some countries they are renting giant tankers to use as storage for the oil because they have no more space for it Oils rally has nothing to do with supply and demand. Its all investor speculation about the market in the next 6-12 months. Investors behaviour is also hard to predict. If they decide it was a bad bet and sell all their bets, oil could drop below $30/barrel again or lower since theres even more oil in storage now than during the last low in January Link to post Share on other sites More sharing options...
AddMeOnMYSPACE 2,097 Posted May 4, 2016 Share Posted May 4, 2016 5 hours ago, Economy said: Yes we would. Cars would eliminate about 25-30 Million barrels a day of consumption which means wed still use about 60 Million barrels a day for other uses... The industry would still exist but demand would shrink. That would make recent wars on who can sell oil even worse Also the transition is slow. U cant just suddenly put all electric cars on road #1 they are still more expensive than gas cars and most ppl cannot afford them abd subsities only do so much #2 Not enough charging infrastructure yet for them to he convinient. That must be taken care of first #3 Transportation energy for cars alone is about as high or higher than general electricity usage. Electric consumption would more than double if all cars went electrical. We do not have that kind of spare capacity. Energy needs to be taken care of first also Basically im saying take care of what needs to happen to sustain an electric car society, and only then try to make that the standard Ugh! We're stuck in a loop hole! Thx for the info! Link to post Share on other sites More sharing options...
Economy 52,845 Posted May 4, 2016 Author Share Posted May 4, 2016 4 hours ago, AddMeOnMYSPACE said: Ugh! We're stuck in a loop hole! Thx for the info! Well change is possible... but it will take time for them to develop enough to be afordable for average person and also if we want electric cars to be the norm in the future, then we must build more charging stations now, and upgrade our power grids to be able to withstand extra demand simply putting a bounch of electric cars on the road simply wouldnt work. Pre work for a mass transition like that needs to be done first. Thats all im saying Link to post Share on other sites More sharing options...
PartySick 172,524 Posted May 4, 2016 Share Posted May 4, 2016 7 minutes ago, Economy said: Well change is possible... but it will take time for them to develop enough to be afordable for average person and also if we want electric cars to be the norm in the future, then we must build more charging stations now, and upgrade our power grids to be able to withstand extra demand simply putting a bounch of electric cars on the road simply wouldnt work. Pre work for a mass transition like that needs to be done first. Thats all im saying Our energy production needs to go green before our cars do Says the guy who knows nothing about oil and things relating to oil Whimsical bitch Link to post Share on other sites More sharing options...
Economy 52,845 Posted May 4, 2016 Author Share Posted May 4, 2016 6 minutes ago, PartySick said: Our energy production needs to go green before our cars do Says the guy who knows nothing about oil and things relating to oil Yes! Ive touched that before it does no good to use electric cars if our electricity isnt clean. And if its Coal electricity than its even worse than just using gas cars Things need to be done in the proper order Link to post Share on other sites More sharing options...
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