Originally posted by gunnut
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The people who go on about peak oil spend more time talking about it than others that tried to look for more. Fortunately those other guys succeeded.
Instead of peak oil, what about peak demand ?
if the dems in your country get their way they will be in the WH for yet another term.
They are going to push the climate change agenda. They will push it global.
This is means laws that make it illegal or harder to use fossil fuels than before.
Ask anyone in 2007 what he thinks the oil price will be at the beginning of 2016, the answer would not be $30. Ask anyone in 2014 the same question, the answer would not be $30.
In theory it should have collapsed post 2008 but there was a lag time in there that took many years to play out.
Here we are, with oil priced at near $30. One must ask, "are we really running out of this stuff?" Sure, there's a glut on the market. But there must be a lot of this stuff around in order to have a glut. Can't have a glut of something that doesn't exist in abundance.
We're at $30 because the Saudis are pissed off at you. They don't want competition and want to drive alternatives out of the market. Their own OPEC members cannot agree to cut production so they are trying to regain their leverage.
With over a trillion in reserves they can keep this up for another five years. They still make a profit.
I'm more concerned about the collapse in demand. If people don't think there is a market to sell to they won't build so they need less. This is a world heading towards a zero growth rate.
At the same time every year a trillion gets saved by the importing countries. if they invest it wisely they can rebuild and recover sooner from the current slump.
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