Oil happening!

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Never forget how we all got fucked at the pumps.

>>130657593
Venezuela will be fucked harder desu.

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>>130657782
Yeah that was bad. But that is from a time when oil was at 125$

Right now somebody else is getting fucked

>>130657593
Some refining companies are projecting it to hit 35 and are making moves to diversify.

>>130657990
True. We are already seeing their downfall.
Boring, next

>>130658028
Weird that's not the picture I posted

>>130658089
>Boring, next
It's all global, how is it boring?
>>130658207
That happens sometimes.

>>130657593
Saudis (and others, but we hate Saudis the most) are loosing money right now.
Even though they have a massive fund and has diversified into all sorts off bussiness they cannot sustain their lifestyle for much longer.

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>my fucking oil stocks

>>130658481
Let's hope it contributes to them losing their stranglehold on Yemen

>>130658312
>boring
Because the fall of Venezuela has only little impact globally.

Imagine some big investors who lend the oil industry money in this crisis where to panic and pull out..

>>130658481
They need open borders and 100 million african migrants or their way of life is doomed.

>>130657593
>Perhaps an all out war in the middle east
Saudis will start a war with Iran and Qatar within a year backed up by the US and most of the Arab world

The Saudis and the US have to strike soon since low oil prices will destroy them both in the long run

>>130657782
How you got fucked up....???

When it got bad here a few years ago, we were paying $1.60+ a litre.

It's not much better now at $1.30/l
And it's currently the cheap cycle

$1.30 x 3.78 = $4.914 gallon

>>130657593
Oil is the greatest renewable resource we got.

>>130660732
complain to the fuel providers they never relate the price back to the customer they rather keep the profits.

winning bigly.

>>130658207
make sure you're using https://

>OPEC floods market to ruin shale
>Shale gets now efficient ($37/barrel profit margin)
>OPEC losing market share
>Shale starts flooding the market
Get fucked shit skins

>>130657593
Buy cheap sell high

>>130660999
They make like a cent a gallon. Ask the states why they put at 25-30% tax on it. Here in california almost 1/3 of the price of a gallon of gas is taxes. They are making around 80 cents to Exxons 1 cent....

>>130661164

That's not what's happening at all. The world's population in industrial nations has peaked, and older adults use far less electricity, and other items then people with 2-3 kids.

We'll never see expensive oil in our lives again. And this is a major bellweather for economies. Think about it if the world's economies are all hitting higher-highs and yet world energy usage is about where it was almost 30 years ago - what is it going to be like when 25% of the earth is about 45-60.

>>130661294
Our government takes 68cent's a litre out of our fuel under the phrase (((many different taxes)))

I pay fkin $700/year rego, $750/year on car insurance and then I got to pay 68c/l to the government for various taxes + 10% GST

And the roads look like a libertarian shithole
FUCK THIS SHIT

>>130660588
Iran is why OPEC doesn't have as much control on prices. Once sanctions on Iran were lifted OPEC lost some of their stranglehold. Not long after Obama ended sanctions OPEC cut output to raise oil prices, it had a much smaller effect as it did in the past because Iran increased production to counter it. Look for attack on Iran. US. Just shot down an Iranian drone in Syria 30 minutes ago.

>>130661553
>Iranian drone shot down

Wat

>>130661553
source?

>>130657593
Fuck the middle east. Prices need to go down much more. Hope US increases oil production.

>>130661468

>And the roads look like a libertarian shithole

I live in California, a socialist shithole, and trust me you don't know the meaning of shot infrastructure. You don't even live in the same universe. This place is falling apart faster than winehouse with a crack habit.

>>130657593
Its scary cause the saudis have an easy way to increase oil revenue... start a war

If it wasnt for happenings in libya, syria, Iraq, yemen... oil would be 20 dollars a barell right now

If Saudis are hurting bad enough , a war with iran could bring 80 dollar oil overnight

Oooops... Tha... That's really bad.

>>130661793
>>130661931
http://www.foxnews.com/world/2017/06/20/breaking-us-shoots-down-iranian-drone-in-syria.html

>>130661983
No fuck you German swine. I need my oil back on 100-80

>>130662009

>Its scary cause the saudis have an easy way to increase oil revenue... start a war

That's not the case anymore, although the US military uses around 92% of the countries oil we can now source most of it from home, and canada. And even then that isn't enough to crack the price. Look at energy usage across the modern world. It's diving.

>If it wasnt for happenings in libya, syria, Iraq, yemen... oil would be 20 dollars a barell right now

Supply, and demand true. But wrong correlation.

>If Saudis are hurting bad enough , a war with iran could bring 80 dollar oil overnight

Still wouldn't happen because if the price were to even rise slightly at this point sellers would rush the market. This is the longest glut in oil in probably the past 50 years.

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>>130657593
I saw that gas was down to a dollar here in GA.Makes me wonder if (((they))) will raise the prices again once everyone starts using the hell out of it.

>>130662120
Where's Archivebro?

>>130657593
Its the Saudis that control oil prices. Theyre driving them down to hurt Canadian and American oil companies that are extracting from the sand pits.

>>130662476
On mobile, shoot me.

>>130662178
Ahhh. I totally forgot about this. Yeah you also need high oil prices. Hahahaha

Yeah Vladimir.

I will go full electric soon. Car+House. I am on the list for those tesla rooftiles. I dont do it for the environment. I hate mudslimes. Let those subhumans fall apart without oil. Well bad for you I guess.

The media says the price fall id due to Libya's oil hitting the market. I think it just to stifle Russia Economy. California wont let go of its huge profits on gasoline though.

Trump's head of finance point blank said gas would be going down this summer months ago
This is not a surprise

>>130660732
That's because Australia with is an economic shithole and your inflation is reaching lost decade levels as if you're trying to out do the Japanese

>>130657593
For the foreseeable future Oil cannot go above 50 again without literal price fixing meme meetings to fool retards. The glut will not go away unless multiple producers either literally run out, or are forced out by their own production costs. A big reason for this is that the US can frack and drill for all the oil we need and turn a profit at sub 50$/barrel. The 125$ oil opened up pandora's box in terms of new technology for oil production and now all the cartels who fixed prices that high are fucked and will never even see 70$ again barring massive worldwide disruption to the oil supply
Even 50$ is a meme and it will probably go below 40$ before the dust settles

The only companies that care about oil prices are upstream companies (the supermajors and OPEC nations, who export most of their production and their entire economies are dependent on oil revenue). Midstream (oil trading companies, trafigura/vitol/mercuria/glencore/etc) and downstream (refineries etc) only care about the spreads between crude oil and refined products, as they almost always hedge by default.

It's why OPEC is so focused on oil

>>130661431
Nigga u dumb. Very little electricity comes from oil and the total population of the west (and oil demand) is increasing.

This is purely OPEC getting fucked by the free market. Cartels are a meme pushed by commies and you're basically fucking retarded.

>>130657593
>Will Saudis ever recover?
implying the Saudi's arent behind this, OPEC pulls this shit every few years to ensure that no competing oil sources become viable.

>>130658636
>>130658636
>he didnt dump energy stocks when Rockefeller did 2 and a half years ago

>>130663290
Natural Gas and Coal are also hydrocarbons. Natural Gas, Crude Oil, Naptha, Kerosene, Gas Oil, Fuel Oil, Lubricants, Coke, Asphalt, Coal, etc are the same thing-- hydrocarbons consisting of Carbon Atoms bonded with Hydrogen atoms in parrafin/olefin/napthene/aromatic form

>fun fact: you can convert coal to natural gas

Over 80% of US energy comes from hydrocarbons (coal, natty)

The most efficient power plants both therymodynamic conversion wise and cost wise are dual cycle natty plants. First stage is a huge jet engine that takes natty as fuel and turns a turbine, then the heat emitted is collected and run through rods to heat water which generates steam and turns the second stage turbine. These plants can achieve over 40% efficiency and have short boot up times, peaker plants are primarily natty two cyclers

>>130663290
Wrong.

Oil demand is very hard to forecast, even the best "forecasters" are less accurate than weather forecasters. Oil bulls have been touting an oil boom for over 2 years now yet the opposite is happening due to massive oversupply

Oil demand is fickle as well. Its estimated at 96-98M bpd, and growth estimated at 1%, or under 1M bpd. However any shock can easily BTFO that out of the water.

Record oil development, especially shale, when oil was $100+ 2010-2014 was the reason why OPEC decided to flood the market in dec 2014. They tried to bankrupt them and ended up fisting themselves

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Yay! I can go back to using Shell 93 even though my car doesnt need it!

WAR SOON FRIENDS

>>130664281
Just because something shares a chemical class doesn't mean it's the same thing. Most electricity comes from coal, natural gas, and various renewables. None of those are oil. Burning oil for electricity is completely retarded.

Oil demand has been steadily rising for years and although short term trends might be difficult to predict that 1% per year increase has weathered massive oil prices and economic instability in the last 20 years and the trend held strong. But yeah the demand is going to totally fall off a cliff now that it's cheap and the world is relatively stable.

Day of the rake can't come soon enough.

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>>130663129
Did you miss the OPEC production cuts? They cut 1.2m bpd + non-OPEC 0.6m bpd and US stocks didn't move. Supply is way above demand. All it did was allow for shale to ramp up production from 8M bpd to 9.35M bpd and eat up their market share. In fact the US is now exporting oil and competing with OPEC (topkek). Crude oil exports from the US were banned until December 2015 when the US lifted the dirty (crude oil) tanker export.

The game now is market share. The only viable strategy is to keep market share at all costs.

Al-Naimi (former Saudi oil minister) gave a good example. In the 80s, oil spiked to the $35-40 range, which today would be $100-150 inflation adjusted. Saudis were pumping 10M bpd like today, except their population was only 10M so they were even filthier rich than they are today. The high prices caused new oil fields to be discovered, especially in the North Sea in the UK and Norway. Worried that this new production would cripple prices, the Saudis cut production drastically. Just 4 years later, the price had dropped to $11 and Saudi production had fallen from 10M bpd to just 2M bpd due to losing market share to new production. Revenue dropped from nearly $400M/day to just $20M/day and they nearly went bankrupt.

The Saudis know the game. They have $600B+ in foreign reserves and know they must maintain market share at all costs. Trying to maintain artificially high prices by cutting production is a fools game.

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>>130665724
I never said they were identical, I just said they are all fossil fuels/hydrocarbons, Carbon and Hydrogen atoms in various arrangements, you strawmanning faggot.

Power plants that burn crude oil/fuel oil are plenty. They're cheap to build and easy to maintain. Not exactly environmentally friendly, but that's not the primary concern.

Saudi Arabia has a huge 6GW thermal plant that runs on oil delivered directly by tankers. Saudi Arabia uses up to 1M bpd of crude oil for electricity generation in the summer

The trend is at risk due to clean energy initiatives and electric cars. The single biggest demand factor affecting oil demand are US drivers

But I agree with DOTR

How much is Venezuela fucked?

>tfw no ethanol free gas near me

>>130670035
Venezuela's oil is pretty much guarded by a paramilitary force, their oil production is steady

They are having problems paying PDVSA debt. I remember they had to express ship gold from Switzerland to somewhere to make a debt payment

>>130672358
>I remember they had to express ship gold from Switzerland to somewhere to make a debt payment
care to share a soure for that piece of info?

>>130660732
Oil needs to be shipped half way around the globe to reach you, we're an exporter so our gas will be much cheaper.

>>130672607
http://www.zerohedge.com/news/2016-03-19/how-venezuela-exported-125-tonnes-gold-switzerland-march-8-2016-paris

can't find exact article but they ship gold all the time

>>130660732
Yea but thats overseas problems.
As an american, its my god given right to have gas prices at $2 a gallon.