Posted on 01/08/2015 11:18:42 PM PST by Citizen Zed
Four things are now affecting the picture. Demand is low because of weak economic activity, increased efficiency, and a growing switch away from oil to other fuels. Second, turmoil in Iraq and Libya—two big oil producers with nearly 4m barrels a day combined—has not affected their output. The market is more sanguine about geopolitical risk. Thirdly, America has become the world’s largest oil producer. Though it does not export crude oil, it now imports much less, creating a lot of spare supply. Finally, the Saudis and their Gulf allies have decided not to sacrifice their own market share to restore the price. They could curb production sharply, but the main benefits would go to countries they detest such as Iran and Russia. Saudi Arabia can tolerate lower oil prices quite easily. It has $900 billion in reserves. Its own oil costs very little (around $5-6 per barrel) to get out of the ground.
(Excerpt) Read more at economist.com ...
Actually, #1 is the Hydrogen revolution
The cars are rolling out in 2015.
...hydrogen-powered Hyundai Tucson Fuel Cell. Less than 10 minutes to fill, up to 300 mile range, zero emissions,..
The Arabs are desperate to kill this technology, and keep everyone on oil.
Where do you get Hydrogen? From Natural Gas and Coal.
Who has a pantload of Coal and Natural Gas from Shale> The USA!
I am fortunate to have a station near me that sell unpolluted gas. It’s the only thing I use in my small engines.
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