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Flood of oil is coming, complicating efforts to fight global warming
San Francisco Chronicle ^ | November 4, 2019 | By Clifford Krauss

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 ...


TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections
KEYWORDS: drillbabydrill; globalwarming; hoax; palinwasright; propaganda; socialism; trumpwasright
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To: TLI

I’ll second that request!


21 posted on 11/05/2019 3:16:20 PM PST by Fireone (Build the gallows first, then the wall!)
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To: Oldeconomybuyer

Stoopiddinosaurz! Un-re-greta-bull.........


22 posted on 11/05/2019 3:35:27 PM PST by rktman ( #My2ndAmend! ----- Enlisted in the Navy in '67 to protect folks rights to strip my rights. WTH?)
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To: PIF
Yeah. It's plummeted to about $3.49 near us.....oh!?😲
23 posted on 11/05/2019 3:36:44 PM PST by rktman ( #My2ndAmend! ----- Enlisted in the Navy in '67 to protect folks rights to strip my rights. WTH?)
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To: HighSierra5

How much carbon is in the air because of wildfires?
Asking for a friend


24 posted on 11/05/2019 3:37:25 PM PST by hadaclueonce ( This time I am Deplorable)
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To: Oldeconomybuyer

Drill, baby drill!!


25 posted on 11/05/2019 3:38:35 PM PST by abb
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To: Oldeconomybuyer

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.


26 posted on 11/05/2019 3:44:23 PM PST by spintreebob
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To: HighSierra5

Does that mean I am going to die this evening? Oh, well...


27 posted on 11/05/2019 4:12:31 PM PST by hal ogen (First Amendment or Reeducation Camp???)
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To: ClearCase_guy
that not all the hydrocarbons in the ground can be tapped if climate change is to be controlled.

IOW, there are more than enough to meet conceivable demand. and then some.

28 posted on 11/05/2019 5:04:57 PM PST by glorgau
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To: rktman

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


29 posted on 11/06/2019 1:48:12 AM PST by PIF (They came for me and mine ... now it is your turn ...)
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To: PIF

On an inflation adjusted basis, we’re pretty close to that now.

https://inflationdata.com/articles/inflation-adjusted-prices/inflation-adjusted-gasoline-prices/


30 posted on 11/06/2019 2:02:13 AM PST by abb
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To: Rebelbase

Average temperature for this coming Monday in Minneapolis is high of 43, low of 28. The forecast calls for 17 and 7.


31 posted on 11/06/2019 2:07:32 AM PST by 21twelve (!)
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