[quote]The huge surplus of oil that's been sloshing through global markets is set to evaporate.
The International Energy Agency said Tuesday that it expects the global crude oil glut to start disappearing in the first half of next year, much earlier than it previously predicted.
There is one major condition: OPEC and its partners must stick to their agreement to slash production.
The cartel has agreed to cut its overall production by 1.2 million barrels a day starting in January. A group of non-OPEC nations -- including Russia, Mexico, Kazakhstan and Oman -- have also committed to slash output.
The collective action helped push prices to a new 2016 high above $53 per barrel on Monday. [/quote]
[url]http://money.cnn.com/2016/12/13/investing/oil-market-glut-iea-opec/index.html[/url]
texas this is your chance
Everything is fine.
We can just switch to renewable energy in another decade or five.
[QUOTE=Map in a box;51522767]texas this is your chance[/QUOTE]
How about no*
* or at the very least start getting off the oil nipple as much as we can first. ofc we'll always need some.
We're running out of fossil fuels quicker and quicker. Hopefully we develop a sustainable alternative before big fuel shortages happen.
[QUOTE=Jamsponge;51522777]Everything is fine.
We can just switch to renewable energy in another decade or five.[/QUOTE]
This is a surplus, not global reserves. This is the surplus that was the result of OPEC and friends trying to drown the world in oil to shut out US production.
[QUOTE=Arctic-Zone;51522782]We're running out of fossil fuels quicker and quicker. Hopefully we develop a sustainable alternative before big fuel shortages happen.[/QUOTE]
Really this isn't the problem at hand, we have enough fossil fuels for a looong time. It's just that collecting it pretty much gets messier and messier as the "easy" stuff gets expended.
It's the planet that we should be concerned about, not running out of fossil fuels.
[QUOTE=Arctic-Zone;51522782]We're running out of fossil fuels quicker and quicker. Hopefully we develop a sustainable alternative before big fuel shortages happen.[/QUOTE]
We won't run out of fossil fuels for centuries.
But extraction will become more and more harder and costly, and other energy sources will eventually prove to be more economical to use.
There is a tendency right now that smaller oil companies are converting their refineries to produce more byproducts, which unlike fossil fuels, can not be substituted (for example in plastics industry).
[QUOTE=OvB;51522790]This is a surplus, not global reserves. This is the surplus that was the result of OPEC and friends trying to drown the world in oil to shut out US production.[/QUOTE]
That has worked alright, but it would have only really worked if their economies and governments didn't run on oil. They could have drivin oil prices to a buck a barrel, which would have essentially killed US oil production, but while the US as a whole would be fine they'd be realing economically.
All this is going to do is drive up US oil production again (and oil prices of course). I remember a lot of my friends coming back from working the oil fields in the Dakotas cause the market had gone so low. I'm sure they'll happily go back out next year.
Texas as well will likely be back in the oil game big-time. It'll probably necessitate immigration from other states too just like the Dakotas, since we aren't quite hurting for jobs right now, which will be interesting.
The phrase "Strength from the Soil" can be heard echoed across the great plains.
i can't wait for everything to be artificially inflated in price again, yay.
Yeah I can't wait to pay 4 dollars a gallon again
[QUOTE=Kecske;51522831]We won't run out of fossil fuels for centuries.
But extraction will become more and more harder and costly, and other energy sources will eventually prove to be more economical to use.
There is a tendency right now that smaller oil companies are converting their refineries to produce more byproducts, which unlike fossil fuels, can not be substituted (for example in plastics industry).[/QUOTE]
gasoline has a really low profit margin while synthetics are a massively growing industry as new tech is allowing polymer and other plastics parts to replace traditional metal ones
[editline]13th December 2016[/editline]
i wouldnt get the hopes of oil drillers up just yet though, if oil caps at 50-70$ which its very likely to, then US oil wont really shoot up that much
pls no my old volvo only gets like 15mpg.
Why won't non-OPEC countries just ramp up production to take advantage of higher prices?
My gas guzzling SUV is gonna kill me even quicker now if gas starts getting back up into 3-4 dollars a gallon again. 30 dollars a week to fill it up is killing me
I'm so glad I drive a moped
I get 90 MPG
only costs me 2$ to fill my gallon
eat it suckers
haha yesssss you all LOSE [sp]except its snowing FUCK[/sp]
[QUOTE=patq911;51523471]pls no my old volvo only gets like 15mpg.[/QUOTE]
My brand new southern approved pickup truck gets like 20. What are you doing???? lmao
[QUOTE=J!NX;51523536]I'm so glad I drive a moped
I get 90 MPG
only costs me 2$ to fill my gallon
eat it suckers
haha yesssss you all LOSE [sp]except its snowing FUCK[/sp][/QUOTE]
But you drive a moped lol
[QUOTE=Snowmew;51523510]Why won't non-OPEC countries just ramp up production to take advantage of higher prices?[/QUOTE]
theyve also agreed to cut production but we all know once it does jump up they all raise their prodyction
[QUOTE=J!NX;51523536]I'm so glad I drive a moped
I get 90 MPG
only costs me 2$ to fill my gallon
eat it suckers
haha yesssss you all LOSE [sp]except its snowing FUCK[/sp][/QUOTE]
Still have my man card, no need for a moped
[QUOTE=X12321;51523839]But you drive a moped lol[/QUOTE]
[QUOTE=Code3Response;51523847]Still have my man card, no need for a moped[/QUOTE]
I was going to make a post like this then I remembered I drive a 13mpg SUV that has to be filled twice a week given my commute.
My 2.7T Audi gets 20MPG at best... and it only takes premium.
Eventually it will come to a point where you could either buy an electric car with enough juice to last a year
Or fill up your tank :v:
I do wonder how we'll cope though, we use oil for a lot more than just petrol right?
Translation: American oil industry jobs just got quite a bit more secure.
[QUOTE=grr164;51523873]My 2.7T Audi gets 20MPG at best... and it only takes premium.[/QUOTE]
...the fuck is wrong with that thing? My '85 F150 gets the same economy and it doesn't even have fuel injection. You need to get that thing looked at it should be doing better than 20.
[editline]13th December 2016[/editline]
[QUOTE=_Maverick_;51523942]
I do wonder how we'll cope though[/quote]
Synthetics. We've had the tech for decades, we're simply not using it because it's costlier than drilling for new stuff.
[quote], we use oil for a lot more than just petrol right?[/QUOTE]
Pretty much everything you touch that isn't edible has an oil product in it. Even the electric cars everyone's jerking it to require quite a bit of the stuff, after all, magic electron pixies don't do a very good job of lubricating wheel bearings, gearboxes(And yes they still have these, they just don't have to change gears they can get away with a single reduction unit and a differential), et al. There's a few gallons of the stuff coursing through the various mechanical systems inside an electric car as lubricants. Brake fluid, something they also have because regenerative braking won't do shit in a panic situation or when the system doesn't activate because the battery's full/there's a fault, is also oil based. And then there's making the plastics that are necessary for the crash ratings and creature comforts everyone demands.
Electric cars are no less oil dependent than ICE cars. They may not use the stuff to generate the energy they use to move, but without oil they're as dead as any ICE car.
[QUOTE=TestECull;51523947]the fuck is wrong with that thing? My '85 F150 gets the same economy and it doesn't even have fuel injection. You need to get that thing looked at it should be doing better than 20. [/QUOTE]
It isn't quite stock, but even when new off the lot my car only got about 24 highway.
[QUOTE=grr164;51524004]It isn't quite stock, but even when new off the lot my car only got about 24 highway.[/QUOTE]
Did VAG put a raw fuel dump in the intake manifold or something? That just doesn't sound right, even for a V6.
[QUOTE=Raidyr;51523855]I was going to make a post like this then I remembered I drive a 13mpg SUV that has to be filled twice a week given my commute.[/QUOTE]
Shit I drive 300+ miles a week and I only have to fill up once a week.
[QUOTE=TestECull;51523947]Translation: American oil industry jobs just got quite a bit more secure.
...the fuck is wrong with that thing? My '85 F150 gets the same economy and it doesn't even have fuel injection. You need to get that thing looked at it should be doing better than 20.
[editline]13th December 2016[/editline]
Synthetics. We've had the tech for decades, we're simply not using it because it's costlier than drilling for new stuff.
Pretty much everything you touch that isn't edible has an oil product in it. Even the electric cars everyone's jerking it to require quite a bit of the stuff, after all, magic electron pixies don't do a very good job of lubricating wheel bearings, gearboxes(And yes they still have these, they just don't have to change gears they can get away with a single reduction unit and a differential), et al. There's a few gallons of the stuff coursing through the various mechanical systems inside an electric car as lubricants. Brake fluid, something they also have because regenerative braking won't do shit in a panic situation or when the system doesn't activate because the battery's full/there's a fault, is also oil based. And then there's making the plastics that are necessary for the crash ratings and creature comforts everyone demands.
Electric cars are no less oil dependent than ICE cars. They may not use the stuff to generate the energy they use to move, but without oil they're as dead as any ICE car.[/QUOTE]
The drastic difference blue collar workers don't get laid off when the cost of lubricants goes up. Nor do we burn them and turn them into greenhouse gasses. No one is saying we need to cut oil entirely. That's probably never going to happen. "magic electron pixies." Don't be silly.
[editline]13th December 2016[/editline]
I shouldn't need to explain the difference between burning gasoline into gases and using petroleum products in other materials.
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