US to Drown the World in Oil

[ronwagn + 6,290]

https://oilprice.com/Energy/Crude-Oil/US-To-Drown-The-World-In-Oil.html

U.S. To “Drown The World” In Oil

The end result will be that those nations who are overly dependent on oil revenues will suffer, our economy will benefit, as will China, and Europe because of low energy prices. China and Europe may not be buying as much however if their economies are not healthy. 

[wrs + 893]

Hyperbole

[IronResolve + 12]

WHY is George Soros-funded organization's propaganda being put out on OilPrice.com?

Almost ALL of their funding comes from Soros' Open Society, the Alexander Soros Foundation, and the Omidyar Network (a major Democrat donor/globalist who wants to shift to a "multipolar world" where the US is no longer dominant).

They even recently took donations from the terrorist-linked Tides Foundation.

[SKEP + 229]

2 hours ago, IronResolve said:

WHY is George Soros-funded organization's propaganda being put out on OilPrice.com?

Almost ALL of their funding comes from Soros' Open Society, the Alexander Soros Foundation, and the Omidyar Network (a major Democrat donor/globalist who wants to shift to a "multipolar world" where the US is no longer dominant).

They even recently took donations from the terrorist-linked Tides Foundation.

There are certain connection to green think tanks.

Soros has connection to think tank ASP who has association with several liberals , as in John Kerry.

ASP has a very green agenda.

Edited August 22, 2019 by SKEP

[IronResolve + 12]

1 hour ago, SKEP said:

There are certain connection to green think tanks.

The entire article was seeming to imply the US is somehow the biggest producer of greenhouse gases, when the USA is only 14.3% of emissions, and shrinking.  Even if you believe that CO2 causes warming (disputable, the lead IPCC researchers thought it caused cooling, not warming, and started the global cooling scare just a few decades ago), most greenhouse gases are caused by cattle, not cars/oil, according to the IPCC itself.

Soros' organization has a terrifying aim: "To avoid the worst impacts of climate change, our analysis shows that global oil and gas production needs to drop by 40% over the next decade. Yet, instead of declining, US oil and gas output is set to rise by 25% over this time."  Soros doesn't spend any money producing Chinese articles to tell China (or Arabic articles to tell the Saudis), which produces more than double the US' emissions, to cut theirs, it is entirely focused on taking down Western production only.

As if rising American energy independence is a bad thing? Why are we allowing a Nazi collaborator to dictate U.S. energy policy?

They imply America should cut oil production by 40% within the next 10 years. That is insane and would be catastrophic to Texas and North Dakota, it would result in thousands of suicides from job losses and economic impoverishment (drug OD's, etc. like in the Midwest after manufacturing went abroad).

America cutting production would be doing OPEC's job for them! It would strengthen all of the world's dictatorships (with higher prices) who would then INCREASE production and fill the gap as the US decreases it, and impoverish the American working class with higher energy costs (which often kills when seniors can't heat their homes in the winter for example), and indirectly cause Africa and South America to suffer in ways that may directly cause deaths.

 

[James + 30]

That’s very funny, because last time I heard US oil producers were over producing and drove the price of oil down causing themselves to go further into debt, and now bankruptcies are in ensuing. People need to realize that the shale miracle was a scam from the get go and this will be very short-lived, and once the world realizes that the oil market will be in a much better place. I am a firm believer that if finances don’t stop this overproduction of shale oil then geology will, many people don’t realize or even out right deny that there repercussions for these giant production growth targets, the hamster wheel effect (which means you have to drill even more wells just to replace the wells that are in steep decline) will become even more prominent as production keeps rising, there’s no way around this. People who think that the oil majors will have the time of their life in the shale patch because they’re big and losses don’t matter will be in for a rude awakening when they realize that shale production has peaked and the low oil price has shelved major projects that should’ve came online by now. Shales best days are behind them, the Permian may continue to grow for a little while longer, but it will peak sooner than people want to believe. 

[James + 30]

So yes even if the US does manage to flood the market again they will only be dig themselves a hole even deeper.

[Douglas Buckland + 6,308]

Maybe I'm just stupid, but drowning the world in oil doesn't sound like a good business strategy.

[wrs + 893]

Well I made a couple of charts that I think call into question the premise of the OP article.  I keep expecting production to drop but it manages to stay around 12mb/d.  The rig count in the Permian has dropped by 50 rigs since October 18 which is 10% of them.  Across all the other plays there have been a loss of 90 which is 10% from the peak so we are looking at about a 15% rig decrease since Oct 18.  

Clearly less rigs can't drill more wells so production is being maintained by completing DUCs but that number is a lot harder to track so it makes predictions about production harder.  Nevertheless, those DUCs will be completed and then the normal decline of shale will begin to show up against the reduced completion rate after the DUC inventory has run it's course.

Last week the rig count dropped by 16 for oil alone.  

 

 

 

[Meredith Poor + 897]

On 8/21/2019 at 10:43 PM, ronwagn said:

U.S. To “Drown The World” In Oil

Keyword search 'Carbon Engineering'. The headline above implies oil produced via mineral extraction. This isn't the only way to produce oil or hydrocarbon products. In theory we could shut down all mineral extraction in the US and still 'drown the world in oil' if we put up enough solar panels and wind turbines. However, so could Australia, Russia, Argentina, Canada, or even South Africa.

[ronwagn + 6,290]

5 hours ago, Meredith Poor said:

Keyword search 'Carbon Engineering'. The headline above implies oil produced via mineral extraction. This isn't the only way to produce oil or hydrocarbon products. In theory we could shut down all mineral extraction in the US and still 'drown the world in oil' if we put up enough solar panels and wind turbines. However, so could Australia, Russia, Argentina, Canada, or even South Africa.

You are forgetting the cost and the intermittency problem methinks. 

[ronwagn + 6,290]

On 8/22/2019 at 7:09 AM, wrs said:

Hyperbole

Imagine yourself running any country that is overly dependent on oil prices, high oil prices. 

[ronwagn + 6,290]

On 8/22/2019 at 5:15 PM, James said:

So yes even if the US does manage to flood the market again they will only be dig themselves a hole even deeper.

We will not produce oil for a loss. We will only switch to the most efficient and well funded producers. Hopefully ones that do not flare much natural gas. They will be able to utilize their natural gas. When THEY stop making profits, they will back off production. 

[Meredith Poor + 897]

41 minutes ago, ronwagn said:

You are forgetting the cost and the intermittency problem methinks. 

The cost matter is already sorted out. Intermittancy doesn't matter, since fuel is stored in tanks and industrial processes run when the power is there to do so. The processes would have to be designed to start and stop gracefully on relatively short notice. A lot of renewable energy conditions are predictable, so the plants would shut off when low generation conditions are expected.