Economy 52,861 Posted November 30, 2016 Share Posted November 30, 2016 https://www.google.ca/amp/www.wsj.com/amp/articles/opec-deal-to-curb-production-in-doubt-oil-prices-rebound-1480481281 Due to the rise of unconventional oil such as Canadas Oil Sands, Deep Sea Drilling and especially US Shale, OPEC had been reluctant to cut oil production to raise prices feeling theyd simply loose market share to everyone else But they finally cracked under the financial pressure and agreed to cut Oil Production by 1.2 Million Barrels Oil prices have since surged on the news Link to post Share on other sites More sharing options...
Altair 2,003 Posted November 30, 2016 Share Posted November 30, 2016 This is good for the environment right? Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 30, 2016 Author Share Posted November 30, 2016 10 minutes ago, Altair said: This is good for the environment right? Yes and No Higher prices may discourage oil use long term with stuff like EVs which are on the rise (though for the foreseable future none of the alternatives are cheap or convinient enough yet to replace oil on any large scale) But higher prices will encourage investment again in US Shale and Canadas Oil Sands which is far worse for the environment than Liquid Oil that OPEC has so much of Id say at least in the short term to medium term (1-5 years) this is actually bad for environment over-all Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted November 30, 2016 Share Posted November 30, 2016 37 minutes ago, Economy said: Oil has since surged on the news you mean just the news or in stocks, too? Because wouldn't cutting production mean its investors would want to sell their shares? Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Luc 4,776 Posted November 30, 2016 Share Posted November 30, 2016 mess just in time for elections in France and Germany? Link to post Share on other sites More sharing options...
CaliLilMonster 476 Posted November 30, 2016 Share Posted November 30, 2016 22 minutes ago, A Gaga Lad said: you mean just the news or in stocks, too? Because wouldn't cutting production mean its investors would want to sell their shares? If they're cutting production price of gas will probably go up so they make more money per barrel. At least thats how I understand it... Hopefully higher gas prices will help EV adoption. I really want EV's to start getting mass adoption. I'd be driving one right now (Nissan Leaf used is only like 7-10k ) but my parents and I wouldn't be able to afford the insurance on it. Quotes have been around 6k/yr, I know I've had my license less than a year but damn come on! Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted November 30, 2016 Share Posted November 30, 2016 3 minutes ago, CaliLilMonster said: If they're cutting production price of gas will probably go up so they make more money per barrel Yes as it is it should. But the main reason they are cutting production is because of competition from alternative fuel sources as mentioned above. They don't want to pump out too much supply when there is no demand where they will be forced to sell less. Isn't it? Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Popo 3,781 Posted November 30, 2016 Share Posted November 30, 2016 at least until they overproduce as usual Link to post Share on other sites More sharing options...
Guest Posted November 30, 2016 Share Posted November 30, 2016 I hate oil, we need to stop oil there's other clean options for vehicles yet it's never talked about or even considered. But of course oil = money for a lot of countries, money is destroying our planet though. Then they be talking about going to Mars, but they all gonna do the same ish in this planet, destroy it because money. So let's take care of our Earth and stay here instead of giving up. We all can do our part and honestly if you recycle and be cautious on a daily basis about pollution you are changing the world, we should all individually change our way of living to protect ourselves and nature. Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted November 30, 2016 Share Posted November 30, 2016 Wait and see, demand has dropped too, so it may just be a balancing move. Also Iran has been increasing output, and they don't follow OPEC. As the winter season deepens, the demand will pair with the severity of the cold weather. A mild winter could keep prices down anyway. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 30, 2016 Author Share Posted November 30, 2016 1 hour ago, A Gaga Lad said: you mean just the news or in stocks, too? Because wouldn't cutting production mean its investors would want to sell their shares? Oil stocks too i assume Dont forget most Opec Nations have State Owned Companies. They are not Privatized like North American or European Oil Companies Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 30, 2016 Author Share Posted November 30, 2016 54 minutes ago, kyanewest said: I hate oil, we need to stop oil there's other clean options for vehicles yet it's never talked about or even considered. But of course oil = money for a lot of countries, money is destroying our planet though. Then they be talking about going to Mars, but they all gonna do the same ish in this planet, destroy it because money. So let's take care of our Earth and stay here instead of giving up. We all can do our part and honestly if you recycle and be cautious on a daily basis about pollution you are changing the world, we should all individually change our way of living to protect ourselves and nature. Well lets be honest... its literally only like now that EVs are starting to get more affordable and reliable. Even 3 years ago they were really crappy compared to gas cars and people didnt want them But EV sales have started growing exponentially. Most forecasters exept significant growth in EVs over next 5 years Also dont hate on Oil. Theres a lot we cant do without it Heavier forms of transportation such as large Trucks or Airplanes cannot be well run on electricity. Also many oil products dont have any reasonable priced alternatives. The world economy would go into a depression worse than that of the 1930s if u started yanking out oil out of the equation. So unless your willing to starve to save the planet faster, careful what you wish for Remember, theres many Countries who dont make any money out of oil and import it all. They have no special interest in keeping oil usage alive longer than necessairy but they still consume oil because alternatives arent as realistic for everything as some hardcore environmentalists will have you believe im exited for the new generation of EVs tho. Finally they are more reliable and practicle!!!!! Link to post Share on other sites More sharing options...
Economy 52,861 Posted November 30, 2016 Author Share Posted November 30, 2016 3 hours ago, CaliLilMonster said: If they're cutting production price of gas will probably go up so they make more money per barrel. At least thats how I understand it... Hopefully higher gas prices will help EV adoption. I really want EV's to start getting mass adoption. I'd be driving one right now (Nissan Leaf used is only like 7-10k ) but my parents and I wouldn't be able to afford the insurance on it. Quotes have been around 6k/yr, I know I've had my license less than a year but damn come on! EVs are expected to explode in use over next 5-10 years because the new generation of EVs is finally more affordable and practicle Weve had EVs for many years now. The main reason they havent caught on before is because up until now they were expensive cars that stunk Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted December 1, 2016 Share Posted December 1, 2016 'Heavier forms of transportation such as large Trucks or Airplanes cannot be well run on electricity.' Technology exists to make semi's into hybrids that works pretty well. Short haul delivery trucks may already be using them in some cities because the cut emissions and are more fuel efficient in that type of use. Long haul trucks don't benefit at all from hybrid engines and they cost more. I don't see air planes or jets converting to any type of electric or hybrid power source anytime soon. Pure electric glider type planes exist but aren't in anyway usable commercially. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted December 1, 2016 Share Posted December 1, 2016 http://finance.yahoo.com/news/opec-finally-cuts-output-energy-161604686.html Some oil stocks are going up too.. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
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