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Is the oil industry repeating a critical error? • OilPrice.com
Kurt Cobb:
<p>The recent rebound in oil prices should spur some investment elsewhere, especially where genuine financial returns await. But the punishing price decline in oil from 2014 to 2016 and the slow recovery that followed has resulted in deep cuts in exploration and development throughout the industry (if not so much in the U.S. tight oil fields).

In response, the International Energy Agency has been waving its arms for some time that this dearth of investment will mean constrained supplies after 2020. In addition, Rystad Energy, an independent energy research firm, reported at the end of last year that 2017 saw a record low in oil discoveries. It noted that exploration expenditures had dropped 60 percent from 2014 to 2017. Without a substantial reversal of this trend, the firm expects supply deficits. (Translation: There won't be enough oil to go around in the not-too-distant future.)

Meanwhile, writer Gail Tverberg has been pounding home her counterintuitive thesis that peak world oil production won't be accompanied by high prices. Rather, it will be the result of prices too low for much of the remaining oil to be extracted profitably. In other words, in Tverberg's opinion there isn't an oil price that is both low enough to avoid economic stagnation (i.e., a price that consumers can readily afford) and yet high enough to incentivize oil companies to extract sufficient quantities of oil to prevent a decline in the overall rate of production worldwide.</p>

It's been ages since I thought about Peak Oil (probably true for you too). But prices are creeping up again, up 50% in a year - though well short of their 2012-14 levels.
2 days ago by charlesarthur
What Would A U.S. Civil War Look Like? | OilPrice.com
There is little doubt that the US, despite the evidence that economic recovery is at hand, could spiral into a self-destructive descent of dysfunction, dystopia, and anomie. The path toward a “second civil war” has significant parallels with the causes of the first US Civil War (1861-65). Both events — the 19th Century event and a possible 21st Century one — saw the polarization of a fundamentally urban, abstract society against a fundamentally regional, traditional society.
socialstudies  war  civilwar  oil 
3 days ago by astrogirl

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