-
Hey, guest user. Hope you're enjoying NeoGAF! Have you considered registering for an account? Come join us and add your take to the daily discourse.
oil prices surges 10% after OPEC agrees output cut
- Thread starter 1st Course
- Start date
- Status
Earthstrike
Member
Republican gets in office, oil goes up. Go figure.
NYR
Member
This has been in the works for months if not a full year behind closed doors.
AstroNut325
Member
Good. Gas/petrol needs to be much more expensive.
GillianSeed79
Member
Thanks Trump. How long before prices are $5/gallon again like under Bush?
This has nothing to do with it.
Earthstrike
Member
D
Deleted member 80556
Unconfirmed Member
Ehh, nope.
But I'm glad my country won't have as many economic troubles now. Hope it keeps going up.
.
Need more incentive for electric cars again.
Crazy that we may be getting automated cars around the same time we get a fully electric car economy.
Frustrated_me
Member
That Canadian dollar finally able to breathe.
Unknown Soldier
Member
This means the stock market should start rising again too. That's good news.
NeOak
Member
1st Course
Member
The deal should make it better for everyone.
Oil producing countries like Venezuela/Saudi Arabia etc have been facing tough times because of the lower oil prices.
Oil producing countries like Venezuela/Saudi Arabia etc have been facing tough times because of the lower oil prices.
Shamrock7r
Member
Ah well, low prices were fun while they lasted.
Lol, are you trying to introduce a language arts lesson?
Lol, are you trying to introduce a language arts lesson?
God Dayumm
Banned
Fuck Russia and fuck Trump too
Spoken like a good ol' white privileged person that doesn't mind the monetary hit as much
Spoken like a good ol' white privileged person that doesn't mind the monetary hit as much
*slow clap*.
You do realize that this has nothing to do with the Republicans.
I get it. You don't like them. Doesn't mean that everything is their fault.
Dubbedinenglish
Banned
Low prices also limits the viability of fracking...
SwiftDeath
Member
On the one hand I missed sub-$2.00 by a day as I wanted to fill my tank yesterday but it shot up to $2.35
On the other hand, higher gas prices are likely the only thing that will drive growth of renewable energies with Trump in office
On the other hand, higher gas prices are likely the only thing that will drive growth of renewable energies with Trump in office
Everyone knew it would go up eventually, but the timing is, uh right on time.
It's like controlling the water hose when you are out on the front lawn playing football.
VendettaRed07
Member
D
Deleted member 80556
Unconfirmed Member
I mean there are economies of certain countries like mine that depend on high prices of oil to keep going forward. I can understand you being angry that you have to pay more for gas, but I'm glad that the poor people in my country will have access to social services without fear of collapsing the whole damned country.
Overpaid as hell industry, i hate you guys
shira
Member
I somehow always equated automated cars with electric. I can't imagine a robot filling at the pump I guess
Maintaining oil reserves is important to national security. The US shouldn't tap it in a time of relative peace and economic prosperity.
Ether_Snake
å®å®å®å®å®å®å®å®å®å®å®å®å®å®å®
Won't last, oil will stay below 50$ after the hype.
VendettaRed07
Member
It's not that great considering where I live.
If they moved me to the Austin branch I'd live like a damn king though.
More like spoken like someone who has a more decent idea of the importance of the petrochemical global industry than you.
Sure, I bet you're enjoying cheaper gas while millions of petrochemical jobs disappeared over the last 2 years, countries struggled, and alternative energy became less incentivized after cheap oil competition.
Electric Eye
Banned
My commute is 6 minutes. Transferring and moving to where I work was the best decision I made in life so far. Come at me OPEC!
VendettaRed07
Member
Seriously?
You Are Viewtiful
Member
I'm not a huge expert at this, but I doubt it was OPEC that caused the crash in the first place, seeing as their production didn't rise all the much before and just right before the crash. It was more the shale oil boom in the US and the much lower than expected demand from China that caused the prices to drop.
I think he is.
Remember where you are, son...
Trump's pretty good at deflecting bullets. I'm sure he'll do the same here. Same when the Fed raises interest rates.
Hopefully now renewables will get more of a push and people will start buying more fuel efficient cars again.
Also good for Oil and Gas Gaffers.
I remember reading that they increased their output in order to hurt western oil companies in the midst of the other things you mentioned.
Lots of economies and middle class families depend on oil having a decent price. Hundreds of thousands of people have been laid off because of this, plus investment into renewable energy and electric cars has slowed. This will ultimately be a positive thing.
Also good for Oil and Gas Gaffers.
I remember reading that they increased their output in order to hurt western oil companies in the midst of the other things you mentioned.
Lots of economies and middle class families depend on oil having a decent price. Hundreds of thousands of people have been laid off because of this, plus investment into renewable energy and electric cars has slowed. This will ultimately be a positive thing.
It's not so great if you live in Beverly Hills.
Unknown Soldier
Member
That depends a lot on how domestic oil production fares under God Emperor Trump. If he really does set the American petroleum companies loose on the shale oil fields, the prices will certainly crash. American oil imports are already at their lowest levels since the 1980's, because American domestic production is nearing historical record highs.
Simultaneously with this will be the beginnings of mass production of electric vehicles in the next 5-10 years. The God Emperor will be unable to prevent companies like Tesla from flooding the market with large quantities of cheap electric vehicles, this will further suppress demand for oil in the near term.
Ultimately OPEC controls the production of a natural resource that quite frankly we won't be needing for much longer, and that's good for everybody. Except maybe the Saudi royal family, and the hell with them.
OPEC maintained their production quotas as oil pricing spiraled downwards because they specifically wanted to regain market share from the American shale oil producers. Shale oil costs a lot more to produce, so it needs a relatively high price per barrel to be profitable. OPEC was trying to starve out American domestic production by making it grossly unprofitable but that was a fool's errand, we weren't about to just abandon our shale oil fields after all the investment required to being producing the oil in the first place. It's better to keep fracking and lose some money gradually rather than just stop and lose your entire investment.
God Dayumm
Banned
I understand but two of these things are at odds. Do you want to keep the petrochemical industry afloat or do you want alternative energy?
I know what I want: whatever leaves more money in the pockets of the poor and middle class.
Didn't we also just find a ton of oil under Texas? Or was I mistaken?
Also the Keystone Pipeline will be built, so...that'll be a thing.
It sounds to good to be true
GameAddict411
Member
I guess people now will regret getting those massive SUVs now. Higher fuel prices means more economical cars and alternative powered cars. I say go full steam ahead!
Wait, where are we? I thought we were on NeoGAF.
Well at least until Trump destroys NAFTA. Then we'll be fucked for real.
Higher gas prices have an impact on what cars people choose to drive. When prices went down this year, more people started buying trucks and SUVs again. When they go up again, people will move towards more fuel efficient vehicles/electric cars.
If you want alternative energy development to move faster, then you have to be ok with gas prices going up to increase the incentive.
Unknown Soldier
Member
I haven't heard that, but I wouldn't be surprised. The US has long been believed to sit on large deposits but because exploring for oil on domestic soil is extremely unpopular, most of it has never been found.
The Keystone Pipeline benefits the Canadians, our closest allies. Their economy is being strangled too by the low oil prices and it would benefit them greatly if it is built.
- Status
Similar threads
- Locked