Oil Prices To Go Even Higher And Stay There

[Economy 52,854]

https://www.google.ca/amp/s/oilprice.com/Energy/Energy-General/Shrinking-Spare-Capacity-Will-Only-Send-Oil-Prices-Higher.amp.html

 

Spare capacity is virtually non existent with very few Countries having the ability to increase production in the immediate term. In OPEC only Saudi Arabia and Kuwait have some spare capacity and even that is approaching its limits

 

Oil companies have been reluctant for years to invest in exploration and new expansion at the rate they used to due to opposition as well as uncertainty and fear that oil will no longer be as lucrative in the green transition. As a result both Oil production and refining capacity has largely remained flat even as demand is still growing

 

At the same time that investments in fossil fuel expansion have been subdued... Investments in green energy have not been sufficient to offset the shortages in fossil fuels resulting in a possible energy crunch that will last for years

[Economy 52,854]

I knew this situation was gonna happen... Pandering politicians that are all talk and little action have been speaking about energy transition and ditching fossil fuels just enough to spook Oil companies from making large new investments

 

Meanwhile they failed to actually invest enough in green energy, EV charging infrastructure for vehicles etc to reduce fossil fuel demand by any significant amount

 

A terrible combination. You shun the old way but you don't embrace the new way. When you can't pick a side this is what happens

[stevana229 1,916]

gosh.... Biden and democrats are DOOMED in November. DOOOOMED. 

[Economy 52,854]

1 minute ago, stevana229 said:

gosh.... Biden and democrats are DOOMED in November. DOOOOMED. 

Yeah. Ppl tend to blame politicians a lot for oil prices even tho it's a global commodity. I wonder how many brain cells people have.

 

There's very little any Nation can do about this

[Flapjack 1,264]

I love that one of the key focuses in the ON election was building new highway infrastructure for conservatives instead of functional public transport that isn't stupid expensive (looking at you Go transit)... and then we have... this...

[SharkmanthaC 115,047]

22 minutes ago, Economy said:

Yeah. Ppl tend to blame politicians a lot for oil prices even tho it's a global commodity. I wonder how many brain cells people have.

 

There's very little any Nation can do about this

Brain cells? American voters? From the state of things, not many to be found. 

[RAMROD 117,058]

Everyone who drive a pickup right now

[Concertaholic 6,581]

We all knew this was coming with the war with Ukraine. Is it frustrating? Yes. But if I have to pay an extra $75 per month on gas to ensure that Russia is defeated I’ll do it. Our very world order hangs in the balance and people are literally suffering and dying in Ukraine. Boohoo if I have to budget a little more. People can be so selfish and short sighted…

[Economy 52,854]

46 minutes ago, SamanthaC said:

Brain cells? American voters? From the state of things, not many to be found. 

If it makes u feel better I'd say the average American is only marginally worse than in many other Nations

 

Like, ppl here also don't understand dynamics and blame the government for stuff they can't control

 

They also throw demands without educating themselves on the facts. For example ppl are demanding the Government pause the Carbon tax here in Canada to help with fuel prices but they forget the money is already refunded thru credits anyway so it won't make a net difference. In fact since low income tend to receive a bit more from Carbon Tax credits than the Carbon tax costs them, the most struggling actually benefit from the Carbon tax.

 

Just an example of how people here as well ignore or forget basic important details and don't realize what they ask for makes no sense and won't solve anything

[Economy 52,854]

1 hour ago, Flapjack said:

I love that one of the key focuses in the ON election was building new highway infrastructure for conservatives instead of functional public transport that isn't stupid expensive (looking at you Go transit)... and then we have... this...

Public transport is always a win but we genuinely needs more highways tho. The congestion along with rapid growing population simply demands it

[Economy 52,854]

1 hour ago, Concertaholic said:

We all knew this was coming with the war with Ukraine. Is it frustrating? Yes. But if I have to pay an extra $75 per month on gas to ensure that Russia is defeated I’ll do it. Our very world order hangs in the balance and people are literally suffering and dying in Ukraine. Boohoo if I have to budget a little more. People can be so selfish and short sighted…

The irony is that since Russia has other buyers and prices have risen so much (even with the discount on Russian blend) the embargo on oil may be hurting the West more than Russia

 

I still wouldn't wanna buy their oil purely from a moral standpoint. However in terms of defeating them I think the Oil restrictions are probably the least effective of the sanctions so far 

 

At least in the short term anyway. There's those analysts that think a cut off from West will deprive them of key technologies and equipment that will hurt their production longer term although that's due to different sets of sanctions not Oil itself

[Economy 52,854]

1 hour ago, PartySick said:

Oh my f*cking god the amount of morons who walk around this state complaining about Biden and gas prices then you look outside and they're driving something like this to compensate for the fact that there's ten times as much d*ck in their personality as there is in their pants:

"It ToOk $100 tO fIlL uP mY tRuCk"

Well, Jethro, what's your truck get? Five miles to the goddamn gallon? Three in the city?

 

1 hour ago, RAMROD said:

Everyone who drive a pickup right now

Do any of them use it for work tho? I know plenty of people with pickup trucks but most of them own one because it facilitates their work

 

On my end last year I bought a new car that consumes nearly half what my old SUV did and rn I'm so glad I did that. What I'm saving on gas alone is half my car payments... What I'm saving on maintenance is the other half

 

I'm literally financially better off paying off a brand new car than I was with an old one that gave me a headache on top of that. Never buying a used car again

 

Edit: Btw Russia is only part of this. Oil was already tight and rising before for the reasons mentioned in OP. The actual amount of Russian production lost is not that significant. But because the world supply was already so tight even a small drop makes prices surge

[RAMROD 117,058]

4 minutes ago, Economy said:

 

Do any of them use it for work tho? I know plenty of people with pickup trucks but most of them own one because it facilitates their work

 

 

The thing is they don't need those pickups. They use it as daily driver and doesn't have any business that needed such type of car. Pickups in USA have long been identical to Conservative/Republican guys cars. Especially the Ford 150 type. More often than not it would have confederate flag bumper sticker on it. It is mainly to assert dominance. 

[HorusRa2 5,005]

The system is not designed to be efficient and is definitely not designed with working people in mind. There were things that could have been done but at this point, what could have been successful previously just cannot be done quickly enough to turn this around. Yet again, capitalism has created yet another financial crisis (really, the 3rd in the last 15 years). The people alive today are just going to live through crisis after crisis with no solutions or progress made due to corruption and inefficiencies in government. 

[ALGAYDO 35,119]

4 minutes ago, NCgaga said:

Why is so much hate and stereotyping accepted on this website? 
 

like what kind of backwards nonsense is this, and why is this tolerated? 

He didn’t lie tho lol at least, that’s how a huge chunk of trunk-owners act like around where I live.