US Oil Producers Fail to Produce

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Originally Posted by Seran

Oil opened down 3% and has continued to spiral another 6.5% to $97 a barrel as further evidence of demand destruction by lower June and July travel figures start to come in and analysts react to China clamping down over covid-19 again.

ExxonMobil's CEO stepped up to the plate and declared by 2040, all vehicles worldwide would be electric. He stated that the petroleum industry would be unaffected as the overall effect of demand would have worldwide consumption levels near to what they were on 2012-2013. Quite the interesting prediction.

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Let us know when it gets below the price it was at when Biden took office.

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Originally Posted by Seran

Oil opened down 3% and has continued to spiral another 6.5% to $97 a barrel as further evidence of demand destruction by lower June and July travel figures start to come in and analysts react to China clamping down over covid-19 again.

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Further signs that the economy is fucked.

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Originally Posted by Seran

ExxonMobil's CEO stepped up to the plate and declared by 2040, all vehicles worldwide would be electric.

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Now Seran wants to suck oil exec dick.

Hate to break it to you, sport. Unless vast numbers of people suddenly stop driving, this isn't going to happen. We don't have the infrastructure to support that kind of demand on the electrical grid and it isn't going to suddenly appear out of thin air.

Basically the oil exec did a Michael Scott:

https://c.tenor.com/3RiZ8BuGMIEAAAAC...y-bankrupt.gif

...and you took the bait.

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Originally Posted by Neveragain

...and you took the bait.

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Has Seran ever not taken the bait?

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Originally Posted by Neveragain

Further signs that the economy is fucked.



Now Seran wants to suck oil exec dick.

Hate to break it to you, sport. Unless vast numbers of people suddenly stop driving, this isn't going to happen. We don't have the infrastructure to support that kind of demand on the electrical grid and it isn't going to suddenly appear out of thin air.

Basically the oil exec did a Michael Scott:

https://c.tenor.com/3RiZ8BuGMIEAAAAC...y-bankrupt.gif

...and you took the bait.

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I think 90% or more of all new vehicles sold will be electric by that time, but there are still going to be quite a few ICE vehicles on the road, especially commercial side.

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Originally Posted by Neveragain

Further signs that the economy is fucked

Hate to break it to you, sport. Unless vast numbers of people suddenly stop driving, this isn't going to happen. We don't have the infrastructure to support that kind of demand on the electrical grid and it isn't going to suddenly appear out of thin air.

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I don't believe the economy is fucked at all and the price of oil falling is excellent for the economy as a whole, having impacts on supply side costs and freeing up consumer budgets. If oil goes down to a reasonable $40-$60 a barrel, I think we'd be in great shape to maintain growth.

As for ExxonMobil plotting a change in overall gasoline consumption worldwide over the next twenty some odd years, we shall see. Without a doubt EV will be dominating the market by then. To know oil companies are planning accordingly should be reassuring to investors.

They don't care, something has to power the electric grid, so we'll just burn oil to create electricity or some shit. Assuming the US infrastructure could possibly build rapid charge stations every <some small number of miles> or so across America. And oil companies don't really care about how their oil is used anyway. We gonna stop using plastic? Stop heating houses? Only 44% of oil is used directly for gasoline. Adapt or die, but oil use ain't going away by 2040.

https://www.eia.gov/energyexplained/...hetti_2020.png

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Originally Posted by Seran

I don't believe the economy is fucked at all and the price of oil falling is excellent for the economy as a whole, having impacts on supply side costs and freeing up consumer budgets. If oil goes down to a reasonable $40-$60 a barrel, I think we'd be in great shape to maintain growth.

As for ExxonMobil plotting a change in overall gasoline consumption worldwide over the next twenty some odd years, we shall see. Without a doubt EV will be dominating the market by then. To know oil companies are planning accordingly should be reassuring to investors.

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further evidence of demand destruction by lower June and July travel figures start to come in

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This means people are not going anywhere during a normal time that they do.

Oil prices going down at a time they are normally on the rise is a sure sign of recession. Considering gas prices are still way the fuck above "normal", this confirms we are just beginning to see long term impacts.

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Originally Posted by Suppa Hobbit Mage

They don't care, something has to power the electric grid, so we'll just burn oil to create electricity or some shit. Assuming the US infrastructure could possibly build rapid charge stations every <some small number of miles> or so across America. And oil companies don't really care about how their oil is used anyway. We gonna stop using plastic? Stop heating houses? Only 44% of oil is used directly for gasoline. Adapt or die, but oil use ain't going away by 2040.

https://www.eia.gov/energyexplained/...hetti_2020.png

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ExxonMobil's statement was exactly that, that oil demand wasn't going away, but that it would be repurposed for better uses. Plastics, fertilizers, medicines, there is so much that oil is used for and yet the so much of it goes into gasoline, diesel and home heating that it's ridiculous. Got a finite resource? Find a better, more efficient way of using it, which is exactly what a nation or world of EVs accomplishes.

Natural gas for some reason is the fuel of choice for power generation in the EU, and they have a hate boner for Nuclear power that defies all logic or understanding. But then so do American Democrats, which is downright stupid and a completely contradictory to clean energy goals. Nuclear power is the perfect baseline power source, scalable and isn't affected by sudden freezes, cloudy skies, LNG scarcity or the wind not blowing. Our country should be building new nuclear power plants at every opportunity and to allow true renewables to meet the rest of the demand with excess stored via batteries.

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Originally Posted by Neveragain

This means people are not going anywhere during a normal time that they do.

Oil prices going down at a time they are normally on the rise is a sure sign of recession. Considering gas prices are still way the fuck above "normal", this confirms we are just beginning to see long term impacts.

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Oil prices were already grossly exaggerated and were priced up in a drunken fever pitch and are so overinflated they couldn't go anywhere but down. I just filled up at $5.10 a gallon, a month ago it was almost $6.09. That's progress.

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Originally Posted by Seran

Oil prices were already grossly exaggerated and were priced up in a drunken fever pitch and are so overinflated they couldn't go anywhere but down. I just filled up at $5.10 a gallon, a month ago it was almost $6.09. That's progress.

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Dow Jones Falls As Treasury Yields, Oil Prices Tumble On Recession Fears. ~ 7/12/22

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The CPI Inflation Rate May Hit 9%; Dow Jones Rally Pauses. ~ 7/12/22

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Go back to school, you're wrong on everything.