"COVID Kills Another Oil Rally" by Tom Kool 10/16/2020

[Tom Nolan + 2,443]

COVID Kills Another Oil Rally

By Tom Kool - Oct 16, 2020, 1:00 PM CDT - FRIDAY

https://oilprice.com/Energy/Energy-General/COVID-Kills-Another-Oil-Rally.html

 

Yet another oil price rally has been cut short by COVID, with cases climbing in both the U.S. and across Europe as hopes of speedy oil demand recovery fade.

For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more.

Friday, October 16th, 2020

Oil prices retreated once again on concerns about the second wave in Europe and a third wave in the U.S. France reported more than 30,000 positive cases on Thursday. Many countries in Europe are reporting cases far higher than the peaks they saw during the first wave. Also on Thursday, the U.S. reported more than 60,000 cases for the first time in more than two months.

OPEC+ will guard against a price decline. OPEC+ won’t let oil prices crash again, according to OPEC’s Secretary-General Mohammad Barkindo. “I want to assure you that the OPEC, non-OPEC partnership will continue to do what it knows best, by ensuring that we don’t relapse into this almost historic plunge that we saw,” Barkindo said.

OPEC+ cohesion is beginning to fray. OPEC’s top official says the group will guard against another price slide, but tensions within the cartel are mounting. OPEC production cuts compliance is still around 100 percent, but the coming months will see that figure fall.

IEA: Market stabilized but fragile. In its latest Oil Market Report, the IEA said that the oil market has stabilized, with stocks drawing 0.9 mb/d in the third quarter, but that the outlook is fragile. The rising cases of covid-19 in many parts of the world “surely raises doubts about the robustness of the anticipated economic recovery and thus the prospects for oil demand growth,” the agency said.

EU considers binding methane emissions standards. The European Union is considering methane limits on natural gas that is consumed or imported into the bloc. As a result, it could negatively impact demand for gas from around the world, including the United States. 

Occidental: U.S. oil output has peaked. Occidental Petroleum (NYSE: OXY) CEO Vicki Hollub said that the U.S. won’t see production return to pre-pandemic levels. “It’s just going to be too difficult to replace the 2 million barrels a day of production that we’ve lost, and then to further grow beyond that,” Vicki Hollub said Wednesday at the Energy Intelligence Forum. 

ConocoPhillips looks to acquire Concho Resources. ConocoPhillips (NYSE: COP) is in talks to purchase Concho Resources (NYSE: CXO). Concho’s shares rose 15 percent on the news. If successful, the acquisition will be the second major M&A deal after Chevron’s (NYSE: CVX) purchase of Noble Energy.

Illinois greenlights DAPL expansion. Illinois regulators approved an expansion of the Dakota Access pipeline, even as the pipeline system faces legal hurdles to its continued operation. Energy Transfer (NYSE: ET) is aiming to expand the pipeline’s capacity to 1.1 mb/d.

Chevron and Exxon increase donations to Democrats. Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) have increased political donations to Democrats this year, according to Reuters. With Democratic candidate Joe Biden leading in the polls, contentious issues over environmental regulations and fracking loom. 

Russia may cut 2021 drilling. Russian oilfield service providers see drilling activity falling by as much as 20 percent next year. 

Survey: Investors want a greener industry. A Boston Consulting Group survey of energy investors finds that investors want oil and gas companies to cut their emissions. Simultaneously, investors are souring on the oil and gas sector. 80 percent of investors want companies to cut their emissions, and only one-quarter see oil and gas stocks playing a larger role in their investment portfolios going forward. 

New solar company launches IPO. Array Technologies (NASDAQ: ARRY) went public on Thursday, initially surging by more than 60 percent, but falling back close to its IPO price. Solar stocks have recently hit all-time highs ahead of the presidential election, riding a wave of bullish sentiment anticipating green stimulus.

New IMO regulations are seen as weak. A set of proposed regulations on maritime shipping would do very little in the coming decade to cut emissions. The rules offer minor tweaks, such as cutting engine idling and would not phase in until 2030.

CFTC to establish limits on positions. The Commodity Futures Trading Commission voted on Thursday to adopt position limits for the first time on 16 agricultural, metal, and energy commodities. The rule aims to prevent speculators from contributing to violent price swings that have little to do with underlying fundamentals.

BP to cut 10,000 jobs. BP (NYSE: BP) is set to cut 10,000 jobs, only 2,500 of which will be voluntary.

Study: Airborne radioactivity downwind of fracking. Harvard scientists have detected heightened levels of radioactive particles downwind of fracking sites. The same radioactivity is not detected with conventional drilling because the radioactive source is found in rocks that are blasted apart from hydraulic fracturing. 

Hydrogen will provide a massive investment boom. Bank of America says we have reached the tipping point of harnessing this element effectively and economically and predicts the hydrogen marketplace to reach a staggering $11 trillion by 2050. It will also boost other renewables. Chief sustainability strategist at BNP Paribas Asset Management says that the development of green energy will create the biggest investment opportunities for renewables and not hydrogen infrastructure as we might be tempted to think.

Lost oil jobs not coming back. More than 100,000 oil and gas jobs in the U.S. were eliminated between March and August of this year, and 70 percent of those will not return, according to a new study by Deloitte.

By Tom Kool for Oilprice.com 

[Tom Nolan + 2,443]

This is a good article.  It hits a lot of data points with a glance.

The Fear Mongering of a Pandemic that is technically over (the curve is now flat) is deliberately destroying production, which in turn is bleeding out oil prices by reducing the demand.

I guess when they first started talking about "flatten the curve" in March, they weren't referring to Covid deaths.  They were referring to oil prices and to the quality of our lives.

[Gerry Maddoux + 3,627]

^

Right, but at some point there is either going to be a) mass privation and starvation of OPEC, or b) an oil price recovery. 

These companies have been beat to death. Look at the share prices of all the majors, just in the last ten months. 

A company functions only to the extent of its cash on hand and/or borrowing capacity. None (NONE) of the big investment houses or funds are investing in fossil fuels. That means when say Exxon has spent its last shekel there is no more. I am not totally sure that has sunken in yet. 

Now here's where it gets interesting. What happens, exactly, when Exxon and Chevron and BP, Total, Shell, Eni are all broke?

Well, that's not so hard. There is always a place in the world where oil and gas are being developed. That place is Guyana, right now, maybe Suriname or Namibia in the future. But how much can a company invest, knowing that the hounds of renewables are at the door? 

I predict that at some point, not clearly definable now, there will be hell to pay.

[Rob Kramer + 696]

^ wernt these same majors borrowing money to develop new barrels and selling older fields to pay dividends.... not exactly swimming in cash before this covid nonsense.  So now they have to have banks lend less use some of that for renewables find new fields and please shareholders?! .... they NEED higher prices  . 

[Tom Nolan + 2,443]

Personally, I think powerful forces are deliberately trying to destroy oil.

And they will profit from that destruction, both with monetary gain (like carbon taxes/credits) and profit through greater power and control of the masses.

I think these powerful forces are still controlling things via "energy", but by dictating with mandates and regulations and taxes.

[ronwagn + 6,290]

Tom, you expressed it well. It is all about making more profit from government subsidies and eliminating the competition. I don't think it will work though. At least not without a long knock down drag out fight. The other oil producers around the world will sell us wind turbines and solar panels they make, Common "rare" earth minerals that we don't want to mine in the West. Just as Europe didn't want to frack as Putin told them it was horrible and evil. China will burn coal and buy up only cheap oil and natural gas. The same is true of the rest of Asia.

Edited October 17, 2020 by ronwagn
addition

[Tom Nolan + 2,443]

The topic of this article points to the Covid response which is suppressing oil demand.

Get ready for a long, long haul as "The Great Reset" progresses.

Dr. Fauci Says We May Be Wearing Masks Into 2022

Herd immunity won’t be achieved for a few years, he says.

LEAH GROTH

OCTOBER 16, 2020

https://www.eatthis.com/fauci-face-masks-2022/

The article notes how we will still be in semi-lockdown mode for at least a year.

 

[Tom Nolan + 2,443]

And what's worse...(Meaning a long, long haul of low demand as a result of semi-lockdown mode)

The vaccines will not stop Covid infections.  A vaccinated person can get Covid.

Vaccine Makers state:

“Successful Vaccine” won’t stop infections, hospitalizations, deaths or transmission of the COVID virus.

FORBES  

 

[Guy Daley + 49]

To the previous posters.  I think there is an element here, you're not thinking about.  Tom Nolan said, "The Fear Mongering of a Pandemic that is technically over (the curve is now flat) is deliberately destroying production."  How Tom.  How is demand being destroyed.  Who is staying home.  Even the people laid off are probably driving as much or more because they may not be driving to work, (two one way trips), but they are still driving all over the place in place of going to work. There is as much traffic on the road as ever.  The military is still wasting as much oil as ever so on and so forth.  There are fewer tons of coal being shipped BUT by god there is a bazillion gallons of fuel being used to fight fires all over the west.  Maybe another example is that the subways aren't running therefore we're using less NG or coal to generate electricity.

There is one other SIGNIFICANT example although I'm sure there are more.  There are millions fewer miles being driven going back and forth between pro sports events and destination gambling cities, although I'm sure the Indian casinos are packed as ever with bored seniors.  

The missing element here is that the big trading boys have algorithms that trade according to the news.  Somehow they have a program that will buy or sell a stock depending on whether good or bad news is being reported.  The MSM supports climate change and the green new deal so there is a full court press in the MSM to support those agendas which automatically means ANY energy stock has gotten slammed and will stay depressed FOREVER.  This algorithm based trading by the big boys dissuades ANY type of investment in petroleum and especially coal based stocks.  You can have a renewable energy stock that is losing money hand over fist with ZERO prospects of earning money in the near future and it will be trading at some astronomical price, like NIKOLA for example.  Conversely, you'll have a midstream NG company with a GIANT dividend and it's trading as if it's going bankrupt tomorrow.  Dividends are supposed to support the price of a stock.  They don't any more.  Trading is ALL MOMO.  There is NO VALUE trading any more.  It's morphed.  The message here from this united, radical, left, front is that they WILL punish you for investing in ANYTHING that isn't part of their agenda via the control they maintain by the way stocks trade via algorithms.  

Edited October 17, 2020 by Guy Daley

[Tom Nolan + 2,443]

6 minutes ago, Guy Daley said:

There is NO VALUE trading any more.  It's morphed.  The message here from this united, radical, left, front is that they WILL punish you for investing in ANYTHING that isn't part of their agenda via the control they maintain by the way stocks trade via algorithms. 

Good points Guy!

[Gerry Maddoux + 3,627]

2 hours ago, Guy Daley said:

The message here from this united, radical, left, front is that they WILL punish you for investing in ANYTHING that isn't part of their agenda via the control they maintain by the way stocks trade via algorithms.  

See my previous response to your question re' Gulfport. 

You just answered your own question right here. 

I added some granularity, as they say, but you have hit the nail solidly on the head. 

[Ward Smith + 6,615]

2 hours ago, Guy Daley said:

How Tom.  How is demand being destroyed.  Who is staying home.  Even the people laid off are probably driving as much or more because they may not be driving to work, (two one way trips), but they are still driving all over the place in place of going to work. There is as much traffic on the road as ever. 

Guy, this is demonstrably false. It may seem like there's the same number of cars on the road, but to the people in traffic planning who actually count them, the numbers are down dramatically. Where I live they are down 70% on a 24 hour basis (which is the only proper measure). Sure, if you happen to get cabin fever at 1500 and hop in the car to go shopping, you'll see all the other folks of like mind, plus the "essential" people who are supporting society. The big cities still manage to have traffic jams, because their road systems are so horribly built, but commutes are noticibly down. My friend who lives south of Los Angeles used to take over 2 hours to get to the airport, now it's 20-30 minutes. There's traffic, but it's not a moving parking lot.

Speaking of airports, take a good look at air travel. It's down 80%, it would be over 90% down except for the PPP loans the airlines took, promising to keep their payrolls going. Expect bankruptcies there. I can't put my finger on it now but recently saw an article about jet fuel being sold to the shipping market. That's demand destroyed. 

[ronwagn + 6,290]

3 hours ago, Tom Nolan said:

The topic of this article points to the Covid response which is suppressing oil demand.

Get ready for a long, long haul as "The Great Reset" progresses.

Dr. Fauci Says We May Be Wearing Masks Into 2022

Herd immunity won’t be achieved for a few years, he says.

LEAH GROTH

OCTOBER 16, 2020

https://www.eatthis.com/fauci-face-masks-2022/

The article notes how we will still be in semi-lockdown mode for at least a year.

 

Fauci is a loose cannon and crazy as hell. He should be fired after the election. COVID is back to the March 16 death rate.I actually think he has been panic mongering as much as he could get away with and he has connections that show he is a progressive AKA globalist. 

https://docs.google.com/document/d/1MXY8T0j7k0oUBsHW4BfjJM__DRIyzqrDf_FSlV4hHpw/edit

[ronwagn + 6,290]

3 hours ago, Guy Daley said:

To the previous posters.  I think there is an element here, you're not thinking about.  Tom Nolan said, "The Fear Mongering of a Pandemic that is technically over (the curve is now flat) is deliberately destroying production."  How Tom.  How is demand being destroyed.  Who is staying home.  Even the people laid off are probably driving as much or more because they may not be driving to work, (two one way trips), but they are still driving all over the place in place of going to work. There is as much traffic on the road as ever.  The military is still wasting as much oil as ever so on and so forth.  There are fewer tons of coal being shipped and by god there is a bazillion gallons of fuel being used to fight fires all over the west.  Maybe another example is that the subways aren't running therefore we're using less NG or coal to generate electricity.

There is one other SIGNIFICANT example although I'm sure there are more.  There are millions fewer miles being driven going back and forth between pro sports events and destination gambling cities, although I'm sure the Indian casinos are packed as ever with bored seniors.  

The missing element here is that the big trading boys have algorithms that trade according to the news.  Somehow they have a program that will buy or sell a stock depending on whether good or bad news is being reported.  The MSM supports climate change and the green new deal so there is a full court press in the MSM to support those agendas which automatically means ANY energy stock has gotten slammed and will stay depressed FOREVER.  This algorithm based trading by the big boys dissuades ANY type of investment in petroleum and especially coal based stocks.  You can have a renewable energy stock that is losing money hand over fist with ZERO prospects of earning money in the near future and it will be trading at some astronomical price, like NIKOLA for example.  Conversely, you'll have a midstream NG company with a GIANT dividend and it's trading as if it's going bankrupt tomorrow.  Dividends are supposed to support the price of a stock.  They don't any more.  Trading is ALL MOMO.  There is NO VALUE trading any more.  It's morphed.  The message here from this united, radical, left, front is that they WILL punish you for investing in ANYTHING that isn't part of their agenda via the control they maintain by the way stocks trade via algorithms.  

It is important to realize that only the West will suffer under these globalist green crony capitalists. Russia and the rest of OPEC will benefit by our reduced capacity and inability to export at competitive prices. 

Our own people will be opposing expensive fuel prices however and people will not easily give up their large ICE vehicles. The truckers will not either. They will not want to buy vehicles that cost two to three times as much! 

[ronwagn + 6,290]

3 hours ago, Tom Nolan said:

And what's worse...(Meaning a long, long haul of low demand as a result of semi-lockdown mode)

The vaccines will not stop Covid infections.  A vaccinated person can get Covid.

Vaccine Makers state:

“Successful Vaccine” won’t stop infections, hospitalizations, deaths or transmission of the COVID virus.

FORBES  

 

Just more fear mongering. COVID is back to where it started in terms of deaths , in the United States, and far better in survival percentages.

https://docs.google.com/document/d/1MXY8T0j7k0oUBsHW4BfjJM__DRIyzqrDf_FSlV4hHpw/edit

 

[Gerry Maddoux + 3,627]

21 minutes ago, ronwagn said:

Fauci is a loose cannon and crazy as hell. He should be fired after the election.

Technically, he can't be fired by anyone other than Francis Collins, the head of the NIH. 

The president could pressure Dr. Collins, but Francis would never fire Fauci--he'd resign first--so it would turn into a circular firing squad. 

The American public is in love with Dr. Fauci. I do not fathom why. He was basically the guy in charge of "preparing against things that might kill us" and failed. Not only that but the NIH actually sent grant money to the Wuhan Institute of Virology there for a while--to fund "gain of function" research, to make the coronavirus meaner in order to build a more comprehensive vaccine. 

Man, you can't make this stuff up!

[Guy Daley + 49]

3 hours ago, Ward Smith said:

Guy, this is demonstrably false. I

I'm going to disagree and the "planners" do not know how much traffic has suffered unless they have the little rubber bands crossing the street counting the traffic.  I'll remind you of the tech involved.  Every time government is thinking about installing new traffic lights, they put up these rubber bands that cross the street that will count every car that crosses it.  So you are ABSOLUTELY WRONG about "planners" counting the traffic and I have no idea where you could come up with your number.   And NO, they do not have a tech that is counting any other way or I'd know about it.  

As I said, just because your commute is better in LA it does NOT mean that total miles have been reduced.  It simply means that people are NOT driving all at the same time during RUSH HOUR.  I do know for a fact that the RVers are out in swarms ALL OVER THE COUNTRY.  Why?  Because fuel is relatively cheap for their giant, gas sucking rigs.  So wherever you can think of an example where demand has evaporated I can find an example where demand has remained consistent or even increased.  Where do you think they get the fuel for these Trump boat parades and other parades and rallies?  You think they are getting there in electric cars?  Etc, etc etc and etc means the examples I have.  

 

[Ward Smith + 6,615]

5 hours ago, Guy Daley said:

I'm going to disagree and the "planners" do not know how much traffic has suffered unless they have the little rubber bands crossing the street counting the traffic.  I'll remind you of the tech involved.  Every time government is thinking about installing new traffic lights, they put up these rubber bands that cross the street that will count every car that crosses it.  So you are ABSOLUTELY WRONG about "planners" counting the traffic and I have no idea where you could come up with your number.   And NO, they do not have a tech that is counting any other way or I'd know about it.  

As I said, just because your commute is better in LA it does NOT mean that total miles have been reduced.  It simply means that people are NOT driving all at the same time during RUSH HOUR.  I do know for a fact that the RVers are out in swarms ALL OVER THE COUNTRY.  Why?  Because fuel is relatively cheap for their giant, gas sucking rigs.  So wherever you can think of an example where demand has evaporated I can find an example where demand has remained consistent or even increased.  Where do you think they get the fuel for these Trump boat parades and other parades and rallies?  You think they are getting there in electric cars?  Etc, etc etc and etc means the examples I have.  

Umm they're called road tubes not rubber bands, and yes, that ancient tech from the 60's is still deployed because… government. In fact there are numerous other techniques in place including infrared counters. Oddly, Wayz is an app that knows what the traffic is, how does it work? Hint, not using road tubes. 

I'll make it academic, go to EIA.gov and see what you find for sales of refined products domestically. 

Or just click this to start

[Guy Daley + 49]

11 hours ago, Ward Smith said:

"Um they're called road tubes not rubber bands, and yes, that ancient tech from the 60's is still deployed because… government. In fact there are numerous other techniques in place including infrared counters."

Unless the hardware is invisible, it's not happening.  There are no other techniques.  Every single OTHER monitoring tech is VISIBLE for example the cameras for taking pictures of red light runners, the tech for monitoring emissions on freeway ramps etc.  To wit if there is some device pointed at traffic, we're going to know what the reason is and no, it doesn't have to be top secret because the general public doesn't have a need to know that they are being counted.  Just because you knew the term "rubber tube" does not give you the credibility to say, "other techniques" without knowing what they are.  Mathematically estimating traffic just doesn't cut it without physically counting it.  Right now, it's harvest time throughout the midwest which means millions of gallons of diesel are being consumed to harvest and transport it to the graineries.  Would there be an uptick for harvest seen from EIA.gov, I'll look at it and see.  IF HARVEST doesn't affect consumption figures on a seaonsal basis, nothing will as if it was so diluted by total consumption, it's insignificant.  Harvest season as it pertains to consumption is like America going to war for a couple of months.  

As far as EIA.gov, I'll take a peek to see what value it might have.  
 

 

Or just click this to start

 

[Ward Smith + 6,615]

2 hours ago, Guy Daley said:

Unless the hardware is invisible, it's not happening.  There are no other techniques.  Every single OTHER monitoring tech is VISIBLE for example the cameras for taking pictures of red light runners, the tech for monitoring emissions on freeway ramps etc.  To wit if there is some device pointed at traffic, we're going to know what the reason is and no, it doesn't have to be top secret because the general public doesn't have a need to know that they are being counted.  Just because you knew the term "rubber tube" does not give you the credibility to say, "other techniques" without knowing what they are.  Mathematically estimating traffic just doesn't cut it without physically counting it.  Right now, it's harvest time throughout the midwest which means millions of gallons of diesel are being consumed to harvest and transport it to the graineries.  Would there be an uptick for harvest seen from EIA.gov, I'll look at it and see.  IF HARVEST doesn't affect consumption figures on a seaonsal basis, nothing will as if it was so diluted by total consumption, it's insignificant.  Harvest season as it pertains to consumption is like America going to war for a couple of months.  

As far as EIA.gov, I'll take a peek to see what value it might have. 

Guy if you make sure your cursor is outside the quote box it won't confuse the software. 

Speaking of software, How Waze works. You've got this app on your phone, and just because you have it open, Waze knows how fast you're going and builds the database. So Millions of Waze users are showing traffic patterns with no visible sensors. 

I've already mentioned infrared. There are many companies in this space and you might never notice their built in sensors. In fact you can buy your own on eBay, and people do just to monitor traffic in front of their homes and businesses. One company is Trafx, the general tech is called TIRTL by some. Here's A wiki article on the general devices. From an EE perspective these are interesting devices, simple but useful, more effective when networked into a cohesive system. I helped my state DOT with this about 30 years ago, I remember they were one of the first, or the very first in the country to put it on the Internet. Now I can't think of a state that doesn't have it. 

[Guy Daley + 49]

6 hours ago, Ward Smith said:

Guy if you make sure your cursor is outside the quote box it won't confuse the software. 

Thanks for that tip.  

As far as Waze is concerned. what percentage of those traveling on the road have it?  Unless 100% of traffic has it, then they aren't being counted.  I'm rather old fashioned, my cell phone doesn't leave the house except for emergencies.  

I concede that there IS infrared technology but as to whether Uncle Fraud and/or local governments are using it to see how much traffic has diminished in various metro areas, I doubt that very much. They have more important concerns like fining people for not wearing masks.  Is it infrared tech that is used to time athletes in track?  The device is still visible.  

 

[Ward Smith + 6,615]

4 hours ago, Guy Daley said:

Thanks for that tip.  

As far as Waze is concerned. what percentage of those traveling on the road have it?  Unless 100% of traffic has it, then they aren't being counted.  I'm rather old fashioned, my cell phone doesn't leave the house except for emergencies.  

I concede that there IS infrared technology but as to whether Uncle Fraud and/or local governments are using it to see how much traffic has diminished in various metro areas, I doubt that very much. They have more important concerns like fining people for not wearing masks.  Is it infrared tech that is used to time athletes in track?  The device is still visible.  

It's like polling for an election. You don't actually need 100% with statistics. The error bars are pretty wide, about 5% but that's close enough for government work. 

Because you got me on this track i spoke with a friend tonight who is a traffic engineer hereabout. He filled me up on tons of methods, many of which sounded borderline Big Brother. There's commercial vendors who "eavesdrop" on passing cars and key into the mac addresses on their Bluetooth systems. Not every car and cellphone has Bluetooth but enough do. They also get cell tower info and one other thing. Unfortunately, the call went long, I wasn't talking notes, and I was drinking some excellent oatmeal stout. There's stuff hanging everywhere, on almost every traffic light and streetlight. Easy to miss. I've got an app to monitor spectrum on my cell phone so it wouldn't take much more than that to capture and count. He told me two company names doing it but I didn't write them down and now can't remember. I'll see if duck duck go can find them. 

Old link, this has been available a long time

Search for "traffic counting Bluetooth" and you'll see a bunch of companies doing it. They can't find your cell phone you left at home, but will see your car if it is modern enough. 

Edited October 19, 2020 by Ward Smith
Added link

[Ron Wagner + 706]

On 10/16/2020 at 3:32 PM, Gerry Maddoux said:

^

Right, but at some point there is either going to be a) mass privation and starvation of OPEC, or b) an oil price recovery. 

These companies have been beat to death. Look at the share prices of all the majors, just in the last ten months. 

A company functions only to the extent of its cash on hand and/or borrowing capacity. None (NONE) of the big investment houses or funds are investing in fossil fuels. That means when say Exxon has spent its last shekel there is no more. I am not totally sure that has sunken in yet. 

Now here's where it gets interesting. What happens, exactly, when Exxon and Chevron and BP, Total, Shell, Eni are all broke?

Well, that's not so hard. There is always a place in the world where oil and gas are being developed. That place is Guyana, right now, maybe Suriname or Namibia in the future. But how much can a company invest, knowing that the hounds of renewables are at the door? 

I predict that at some point, not clearly definable now, there will be hell to pay.

Gerry, that point, you spoke of is when Westerners start realizing that they have been greatly harmed economically by crony green capitalists that work together with the fascist governments they have put in power over the citizenry. Asia will gain economically by burning coal and selling solar panels, rare earth metals, wind turbines, batteries, and most manufactured goods that are marketed worldwide. The goal of globalism is to equalize the income and status of the worker bees. Of course the ruling class will be very rich and feel that it is all for the good of the people. If President Trump is reelected, we have a chance of recovering from our socialist trend. He is a worldwide thought leader for conservatism. Unfortunately not for economic conservatism. Ron Paul is the only politician that tried to sell that, as far as I know. 

[Rob Plant + 2,756]

Some good news on a vaccine

https://news.sky.com/story/coronavirus-oxford-astrazeneca-vaccine-behaves-as-desired-analysis-finds-12111085

 

[Enthalpic + 1,496]

10 hours ago, Rob Plant said:

Some good news on a vaccine

https://news.sky.com/story/coronavirus-oxford-astrazeneca-vaccine-behaves-as-desired-analysis-finds-12111085

 

Now just convince people that vaccines are safe and are not a conspiracy run by big pharma or Bill gates... good luck with that here.

 

Edited October 22, 2020 by Enthalpic