the future price of oil

[ricky + 1]

The future price of oil could go down significantly due to global warming. Especially if the harbor-front states follow suit in suing oil companies, such as Rhode Island. If you do some research, harbor-front cities are being hit with off the charts rain totals. Just recently, starting Monday, parts of Carteret County NC got hit with 6inches of rain (the rain still continues) . Is that significant? Yes, considering hurricane Harvey dumped more than 7inches a day, in it's 7 day in a row average. And scientist are claiming in most of these storms, such as Harvey, global warming has intensified the results. Global warming is not helping the state. It's costing the state and tax payers. Let's face it, gas has more than doubled back in 04 due to a heavy storm ( Hurricane Katrina) I remember when Exxon was interviewed and confronted with the facts that not all Americans can-not afford to fill their cars, spending $40 - $60 worth of Gas. And their are people who had no other alternative but to sell their car and take the bus. But their are also many people who lose their car(roughly one million people) due to flooding in just one storm, not to mention the staggering figure of 40,000 homes lost due to hurricane Harvey. And then there are state employees who look forward to a raise, who may not see it if their state surplus goes sour. I don't even live near the coast, and had my back porch steps that lasted 15 years. Now I'm lucky if it gets 5yrs, due to more rain. I was told to start adding wood treatment by 3yrs, to protect the color. Well, my 3yrs is up and now I have to buy wood hardener because the rain is causing one step to crack. So what I'm saying is although figures are claiming only .17 inches of rain per decade in the U.S., in many cities the figures are much higher. Honestly, before this topic came up, I was not even aware that global warming is the culprit. I plan to buy a Toyota EV when the price goes down, honestly believing that electric cars will continually thrive. And as it does thrive, whether the price goes down or up, I'm now convinced, and sincerly agree with the Rhode Island case, that oil companies knew for decades the affects of pollution causes of the weather.  

[TraderTate + 186]

This is really interesting. Thank you! I do think that when considering the variables for future oil prices, we rarely consider this aspect, but partly that's because it is extremely difficult (if not impossible) to track, let alone predict. There is also the problem that the very term 'global warming' has become politicized and take out of the realm of science to the point that one feels one is no longer allowed to even mention the obvious without it being partisan. What you're talking about, though, is one of those ripple effect variables that I'm sure will have a major impact on things, but no one will accept it until it's already upon us. 

[Rodent + 1,424]

It is indeed a bipartisan issue, but need not be. I am neither a believer or not, since I believe I lack the knowledge (and inclination) to read multiple in-depth studies from which to draw my conclusion. Unfortunately, we find many people outside the scientific community--lacking sufficient scientific background--who are eager to latch on to one theory or another, provided that idea is proclaimed loudly enough or often enough. As it has been explained, the brain makes connections faster and faster when information is repeated to us, true or untrue. The brain sometimes interprets these familiar connections as truth. Or so the theory goes. Illusory truth effect, as some call it.

I would caution anyone who believes strongly for or against that they take a beat and recognize their own intellectual shortcomings, and that many of the loudest proclaimers on both sides do so because they have an agenda. 

 

[TraderTate + 186]

Further to that, I think it probably only works to examine these effect in microcosms, such as ricky has done. Painting a big picture isn't going to work. 

[John Foote + 1,135]

I don't see the legal potential causing the price of oil to go down, but I do see it having the potential for effecting the stock value of oil companies, which eventually would impact access to increased money through stock issues, effecting investments, etc. Stock valuations are far more than just earnings potential, and with sophisticated algorithms driving most transactions, they don't care about value, just anticipating trends. The closest thing to this I can think of is big tobacco, Still a lot of money in tobacco, but mostly private companies now. The price has gone up, though I suspect taxes is the main culprit with tobacco. Like tobacco, there are elements of elastic, and inelastic demand.