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[wildfire]

http://money.cnn.com/2017/05/11/investing/opec-oil-u-s-supply/index.html

OPEC has asked a favor of other major producers: Please stop pumping so much and help us balance the market.

The unusual plea was issued Thursday in the cartel's closely-watched monthly report, which found that global markets are still suffering from too much supply.

The report said that balancing the market would "require the collective efforts of all oil producers" and should be done "not only for the benefit of the individual countries, but also for the general prosperity of the world economy."

OPEC said that one producer in particular is to blame: The U.S., where shale producers have continued to ramp up their drilling despite lower crude prices.

The increased production has undermined OPEC's efforts to keep prices between $50 and $60 per barrel.

Truly this is OPEC's darkest timeline.

 

[Sir Abacus]

The fucking irony. The whole reason oil is so cheap is because they were pumping it to send the oil shale guys in the US and Canada out of business.

 

[BoogieWoogie]

LOL good luck with that.

 

[Meadows]

No. Make them pay.

 

[thepotatoman]

Wouldn't more expensive oil generally be bad for the world economy? At least in the short term before Global Warming.

 

[Unknown Soldier]

America to OPEC: You tried to drive us all out of business and now you can GET FUCKED. Also we remember the shit you pulled on us in the 1970's.

 

[PeskyToaster]

Maybe this was the long game. Destabilize the Middle East. Raise oil prices. Make harder to get oil profitable. Drastically increase output. Collapse oil prices. Collapse economies of oil based countries.

 

[Noisy Ninj4]

Maybe this was the long game. Destabilize the Middle East. Raise oil prices. Make harder to get oil profitable. Drastically increase output. Collapse oil prices. Collapse economies of oil based countries.

I have to wonder if this was Obama's plan to deal with Russia. Maybe that's why They went full on KGB active measures on the US elections and other western powers.

 

[Croatoan]

I work in oil and gas. OPEC can fuck off and die.

 

[Deleted member 80556]

No. Make them pay.

Fuck no, there are third world countries like Colombia who are not in the OPEC and are suffering economic problems due to this shit.

But fuck us, I guess.

 

[slit]

I hope we move away from fossil fuels as soon as possible but in the meantime, fuck off OPEC! They've done everything in their power to fuck over not only U.S.shale but other alternative energy solutions. Don't come crying now.

 

[Infinite Stars]

As a Canadian, OPEC can go suck a dick for their shit they pulled during 2013-2015 where they basically tanked our economy through their shit.

Don't let the door hit you on the way out, you jackasses.

 

[wildfire]

Maybe this was the long game. Destabilize the Middle East. Raise oil prices. Make harder to get oil profitable. Drastically increase output. Collapse oil prices. Collapse economies of oil based countries.

Well that would be a shitty plan to completely destabilize the primary energy producing sector.


That would fuck over a lot of countries and the biggest concern is how China and their direct neighbors would react to having their energy supply crippled.

 

[sooperkool]

I remember gas lines, fuck OPEC.

 

[ExVicis]

Yeah payback's a bitch OPEC.

 

[Rubenov]

I hope we move away from fossil fuels as soon as possible but in the meantime, fuck off OPEC! They've done everything in their power to fuck over not only U.S.shale but other alternative energy solutions. Don't come crying now.

We aren't moving away from it, especially when it's so cheap. If you want people to invest in alternatives, then the price of oil needs to be significantly higher than at what it is at now.

 

[rokkerkory]

FU Opec no way

 

[slit]

We aren't moving away from it, especially when it's so cheap. If you want people to invest in alternatives, then the price of oil needs to be significantly higher than at what it is at now.

Be that as it may, don't expect me to give one iota of shit about OPEC's problems because they are in a hole that they helped dig.

 

[Captain Tuttle]

Well that would be a shitty plan to completely destabilize the primary energy producing sector.


That would fuck over a lot of countries and the biggest concern is how China and their direct neighbors would react to having their energy supply crippled.

China will get the oil they need, I have no doubt. Worst case (for them) they can buy it from the Americans and Canadians

The strong Dollar is also keeping prices down

 

[gimmmick]

Almost 10 years , we were paying close to 5 dollars a gallon for regular here in Vegas. They can go fuck themselves. The only good thing about a Trump administration will be possibly low gasoline prices with the amount of drilling they will be doing.

 

[Miles Quaritch]

Maybe this was the long game. Destabilize the Middle East. Raise oil prices. Make harder to get oil profitable. Drastically increase output. Collapse oil prices. Collapse economies of oil based countries.

I don't think that's going to work. Some oil based economies have been drawing up plans to diversify their economies for some time.

SA unveiled their Vision 2030 plan last year, for example.

 

[JordanN]

Well that would be a shitty plan to completely destabilize the primary energy producing sector.


That would fuck over a lot of countries and the biggest concern is how China and their direct neighbors would react to having their energy supply crippled.

Isn't China getting heavily involved in Africa?

They might not need the Middle East in the future.

 

[elrechazado]

Hug a fracker. They fucked opec

 

[DrForester]

Trump to fold in..

 

[Lubricus]

How would Saudi Arabia pay for military supplies produced by other countries if they lose too much money.
Lots of big corporations like the profits OPEC countries give them. Also, if they become poor there will be a lot of "Venezuelas" and "Syrias" around the world.
More is involved than just payback.

 

[DietRob]

I really enjoyed sub $2 fuel prices this week. That plus my rewards card and I was getting fuel for around $1.69. Felt like the 90's again!

 

[D4Danger]

oh wait you're serious, let me laugh even harder.

 

[uncredited male]

They don't make cartels like they used to.

 

[entremet]

Avarice is such a destructive force.

 

[Unknown Soldier]

We aren't moving away from it, especially when it's so cheap. If you want people to invest in alternatives, then the price of oil needs to be significantly higher than at what it is at now.

There's plenty of investment in alternatives, because they just keep getting cheaper and will continue to get cheaper. The inflection point where alternatives are cheaper than oil all the time without incentives and subsidies is getting nearer every day without the need for higher oil prices.

 

[Ogodei]

I have to wonder if this was Obama's plan to deal with Russia. Maybe that's why They went full on KGB active measures on the US elections and other western powers.

If that was the case then KGB should've went harder for Bernie and convinced him to get in on a Federal Fracking Ban (which is definitely something that could get headway with the Green movement in the US)

 

[trembli0s]

I don't think that's going to work. Some oil based economies have been drawing up plans to diversify their economies for some time.

SA unveiled their Vision 2030 plan last year, for example.

Too little, too late and that's even in the case of a country like KSA which has monstrous reserves and currency reserves. If oil stays at $40-50 for more than 2 years every petrostate is absolutely boned.

At least KSA can IPO off AramCo but even that's just a dilatory tactic. Maybe a round of destabilized petrostates results in revolutionary pressures and spikes oil somewhat but... the only thing that "fixes" this for OPEC is a massive war in the Middle East which crippled Iranian and Iraqi output.

And to that I say, fuck off OPEC

 

[stressboy]

Frack off, OPEC

 

[Baron Aloha]

America to OPEC: Get fucked

Note: I would like for us to stop using the stuff altogether (and other things like fracking as well) but in the meantime, seriously, fuck them.

 

[Hickbilly Deluxe]

I really enjoyed sub $2 fuel prices this week. That plus my rewards card and I was getting fuel for around $1.69. Felt like the 90's again!

What? I remember when my dad was bitching about gas going over 1.10, and that was years ago. Late 90s sub-1.25 was normal where I lived.

 

[GrizzleBoy]

Drill baby, Drill!

 

[Steejee]

What? I remember when my dad was bitching about gas going over 1.10, and that was years ago. Late 90s sub-1.25 was normal where I lived.

Factor in inflation and gas prices are pretty dirt cheap right now.

 

[Steel]

I hope we move away from fossil fuels as soon as possible but in the meantime, fuck off OPEC! They've done everything in their power to fuck over not only U.S.shale but other alternative energy solutions. Don't come crying now.

Oil's never gonna be something we don't need, even if we eliminate its use for cars we'll need it for planes. If we somehow magically eliminate its use for planes, we use it for a variety of plastics and other things like tarring for roads. Something like 1/4 of oil produced isn't even used for fuel.

 

[Fox Mulder]

.

 

[Jenov]

hahahaha

 

[michaelius]

That's the only thing that keeps Russia in check. Higher prices would give them access to nearly unlimited money to blow on restoring soviet zone of influence.

 

[Neo C.]

Oil's never gonna be something we don't need, even if we eliminate its use for cars we'll need it for planes. If we somehow magically eliminate its use for planes, we use it for a variety of plastics and other things like tarring for roads. Something like 1/4 of oil produced isn't even used for fuel.

No magic needed, just more engineering. There are alternatives like methanol and going electric, but obviously big planes can't make the switch easily.

 

[LumpOfCole]

"My grandfather rode a Camel, my father rode a Camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a Camel"

https://en.m.wikipedia.org/wiki/Rashid_bin_Saeed_Al_Maktoum

It's no secret that the status quo has finally been changing and isn't going to be reversed.

 

[Steel]

No magic needed, just more engineering. There are alternatives like methanol and going electric, but obviously big planes can't make the switch easily.

Going electric basically means propeller planes, which are slow. Natural gases have an even lower supply(As in, they will run out faster) than oil.

 

[slit]

Oil's never gonna be something we don't need, even if we eliminate its use for cars we'll need it for planes. If we somehow magically eliminate its use for planes, we use it for a variety of plastics and other things like tarring for roads. Something like 1/4 of oil produced isn't even used for fuel.

None of those things you just mentioned are impossible to reproduce even without oil. It may take time but never is just not true.

 

[AcademicSaucer]

The US will do what the Saudis say.

 

[wildfire]

Factor in inflation and gas prices are pretty dirt cheap right now.

Very true.

 

[MonkeyKing]

Get fucked, OPEC.

 

[shintoki]

Good.

Now start developing alternative too, to completely fuck OPEC over.

 

[kiunchbb]

They didn't stop when we asked them not to fuck us during our recession. We saved those oil for a freaking reason.