How can oil almost run out yet be so cheap?

>>51075015
Peak Oil is less credible than climate change. We have at least 200+ years worth of reserves without taking into considerations advances in oil extraction.

>>51075015
because people don't want to cut their oil production because it would mean getting your shares of market keked by other countries

so everyone is pumping out as much oil as they can and no one gives a fuck about the long run

>>51075015
lots of supply vs. the demand

>>51075015
>How can oil almost run out yet still be so cheap?
>How can oil almost run out

It can't. 'Peak oil' is a myth. Demand will peak before supply does. Assuming there is no more oil discovery from this point on, that all of the oil we've already found is all the oil on Earth, we'd be good for another two hundred years at least.

>>51076273
Can you quote a source for that figure?

>>51075015

Saudi Arabia wants to wreak other oil producing countries economies by producing as much as oil as they can and lowering the price. Especially now as Iran is back selling oil on the world markets. Saudi wants Opec destroyed because they;ve realised that Opec mean less profits IF they can control other countries by other means. Oil sands of Canada/USA aren't a part of Opec, and therefore uncontrollable.

The end result being that the oil extraction equipment will be mothballed. There will be at least a 1 year delay, probably 2 or 3, in getting other oilfields up and running when they become economically viable again.

One good war in the middle East and the oil price will rocket up, causing Saudi Arabia to cash in and have a monopoly with oil at $120-150 dollars a barrel.

tldr: if Opec disbands or modifies its remit, there will be another middle eastern war.

>>51075015
No one really knows the limits. No one really knows what oil really is. Paleoorganics origin is just a theory, one of the several. Nowadays they find oil in places that were prospected 50 years ago with no results.
Soon someone gonna find out that oil is constantly produced from the contact of rainwater (mixed with organics) with magma. And the oil will be as cheap as mineral water.

>>51077591
but mineral water costs more than oil already

>>51077671
That's good. But you mean branded mineral water. I wander if there'll be some sorts of branded oil.

File: oil rig count 3 13 15.png (347KB, 1200x892px) Image search: [Google]

347KB, 1200x892px

>>51075015

Saudi Arabia is bankrupting themselves trying to put all the other oil producers out of business.

http://www.bloomberg.com/news/articles/2015-10-21/saudis-risk-draining-financial-assets-in-five-years-imf-says

>>51075015
It can't, which is why the idea of Peak Oil is so retarded.