Posted on 11/05/2019 1:39:13 PM PST by Oldeconomybuyer
A surge of oil production is coming, whether the world needs it or not.
The flood of crude will arrive even as concerns about climate change are growing and worldwide oil demand is slowing. And it is not coming from the usual producers, but from Brazil, Canada, Norway and Guyana — countries that are either not known for oil or whose production has been lackluster in recent years.
The oil-supply outlook is a sharp departure from the early 2000s, when prices soared as producers strained to keep up with ballooning demand in China and some analysts warned that the world was running out of oil.
Then came the rise of hydraulic fracturing and drilling through tight shale fields, which converted the United States from a needy importer into a powerful exporter. The increase in American production, along with a choppy global economy, shaved oil prices from well more than $100 a barrel before the 2007-09 recession to about $56 on Friday for the American bench mark crude.
Production of more oil comes at a time when there is growing acknowledgment by governments and energy investors that not all the hydrocarbons in the ground can be tapped if climate change is to be controlled. But exploration decisions, made years ago, have a momentum that can be hard to stop.
(Excerpt) Read more at sfgate.com ...
I’ll second that request!
Stoopiddinosaurz! Un-re-greta-bull.........
How much carbon is in the air because of wildfires?
Asking for a friend
Drill, baby drill!!
Cheap oil stimulates the economy. Watch the GDP and many non-energy stocks that use oil (like pro-Climate Change Delta Airlines) to hypocritically support cheap oil.
Does that mean I am going to die this evening? Oh, well...
IOW, there are more than enough to meet conceivable demand. and then some.
Oh that’s too bad - its 2.29 near me and 2.20 or a bit lower in the city.
‘m still hoping for a return to the days of yore when gas was 0.25
On an inflation adjusted basis, we’re pretty close to that now.
https://inflationdata.com/articles/inflation-adjusted-prices/inflation-adjusted-gasoline-prices/
Average temperature for this coming Monday in Minneapolis is high of 43, low of 28. The forecast calls for 17 and 7.
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