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Markets in a tailspin

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Zorkorist said:
Obama's socialism is finally coming to bear. People are realizing that attacks on profits by the state are inevitable, and will only be increasing.

It's not helping Obama has single-handedly destroyed America's resurging oil business.

Sell.

-John
Click to expand...

You can't be serious haha! Obama doesn't control the oil market. OPEC does. Or at least, they're shooting themselves in the foot to try and keep it that way. All we can do is drill or not drill. At these prices... not gonna happen.
 
Zorkorist said:
Obama's socialism is finally coming to bear. People are realizing that attacks on profits by the state are inevitable, and will only be increasing.

It's not helping Obama has single-handedly destroyed America's resurging oil business.

Sell.

-John
Click to expand...

Can you explain how?
 
A strong president would have withheld benefits to the Arabs when they started attacking our oil producers. Meanwhile, Obama is blissfully unaware, or worse, complicit.

Obama has always hated the oil industry, and has fought the Keystone pipeline with his every breath.

Spout some Global Warming; Fear, Uncertainty, Doubt...

Here we are, with a decimated oil industry.

-John
 
Zorkorist said:
A strong president would have withheld benefits to the Arabs when they started attacking our oil producers. Meanwhile, Obama is blissfully unaware, or worse, complicit.

Obama has always hated the oil industry, and has fought the Keystone pipeline with his every breath.

Spout some Global Warming; Fear, Uncertainty, Doubt...

Here we are, with a decimated oil industry.

-John
Click to expand...
I see what you are saying but making that move isn't worth it. Our oil stays in the ground and the Saudi's pump themselves dry for $30/barrel or whatever. Long-term we are better off that way.
 
Zorkorist said:
The Saudis have 100(0) years of oil, as do we.

Nobody is going to run out of oil any time soon.

-John
Click to expand...
BP's own reports say 35 tears of easily accessible oil remain. That's probably a generous estimation!

The middle east has been lying about it's reserves for years, so they can continue to pump out the same amount, or more, oil.
 
Genx87 said:
Heh I remember 35 years ago as a small child they said we had 35 years worth of oil left 😀

That is the mystical end game that is always 35 years away.
Click to expand...
Thats always such a bullshit argument... Do you have any evidence everyone is lying, because it's not just bp saying it?

Surely you aren't one of those people that think it will last forever, right?
 
Genx87 said:
Heh I remember 35 years ago as a small child they said we had 35 years worth of oil left 😀

That is the mystical end game that is always 35 years away.
Click to expand...

And yet we consume ever increasing volume.
There are not infinite resources, some day this shall come to pass.
And every day we speed towards certain end.
 
mysticjbyrd said:
Thats always such a bullshit argument... Do you have any evidence everyone is lying, because it's not just bp saying it?

Surely you aren't one of those people that think it will last forever, right?
Click to expand...

What is a bullshit argument? That our oil is always 35 years from exhaustion? How old are you anyways?

And where did I say oil will last forever?
 
Jaskalas said:
And yet we consume ever increasing volume.
There are not infinite resources, some day this shall come to pass.
And every day we speed towards certain end.
Click to expand...

It will, but we are always finding new sources of oil, developing new technologies that unlocks new reserves. There is an absolute finite amount of oil. But I dont believe we have truly hit the 35 year marker neither. We have barely touched the ocean floor and are just getting into fracking last based reserves.

I just find it funny the 35 year benchmark has been used my entire life over 35 years ago. We should had run out of oil a few years ago by now from predictions decades ago 😀
 
the point is we cant burn all of the oil without seriously damaging this planet. Who has to leave oil in the ground at this point means countries are racing to dump it onto the market.
 
Genx87 said:
What is a bullshit argument? That our oil is always 35 years from exhaustion? How old are you anyways?

And where did I say oil will last forever?
Click to expand...

The I heard 'x', and 'x' didn't come to pass, thus recent news about 'x' cannot be trusted.

That's bullshit, unless you have actual evidence to prove the recent news is also unreliable.

However, you could argue a source cannot be trusted, but it's not the same source., so that doesn'y apply here.


This is the kind of logic those people use.
 
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Genx87 said:
Heh I remember 35 years ago as a small child they said we had 35 years worth of oil left 😀

That is the mystical end game that is always 35 years away.
Click to expand...

Just like Social Security. It's been 25 years away from "insolvency" for the past 30 years. Meanwhile, the Pentagon goes insolvent each year.

The ability of most Americans to misunderstand how reality works is a spectacle.
 
mysticjbyrd said:
BP's own reports say 35 tears of easily accessible oil remain. That's probably a generous estimation!

The middle east has been lying about it's reserves for years, so they can continue to pump out the same amount, or more, oil.
Click to expand...

It was 53.3 years worth in the BP 2014 statistical review of world energy. Its amazing how information gets broken picture telephone'd like that on the web.

http://www.bp.com/en/global/corpora...y/oil-review-by-energy-type/oil-reserves.html

This is the 2015 edition.

http://www.bp.com/content/dam/bp/pd...l-review-of-world-energy-2015-full-report.pdf

That way the next time someone complains about refinery utilization or something just link them to that 🙂.

This popped to mind when I see people getting wrong info and just going with it.

drawception%25255B3%25255D.png
 
OverVolt said:
It was 53.3 years worth in the BP 2014 statistical review of world energy. Its amazing how information gets broken picture telephone'd like that on the web.

http://www.bp.com/en/global/corpora...y/oil-review-by-energy-type/oil-reserves.html

This is the 2015 edition.

http://www.bp.com/content/dam/bp/pd...l-review-of-world-energy-2015-full-report.pdf

That way the next time someone complains about refinery utilization or something just link them to that 🙂.

This popped to mind when I see people getting wrong info and just going with it.

drawception%25255B3%25255D.png
Click to expand...

http://www.telegraph.co.uk/finance/2888054/Theres-enough-oil-left-to-last-for-40-years-says-BP.html
http://www.bp.com/content/dam/bp/pdf/sustainability/group-reports/Sustainability_Report_2004.pdf
pg 6

Probably different figures, this was 'easily accessible oil' as I recall. Perhaps the inclusion of tar sands changed the figures.
 
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mysticjbyrd said:
The I heard 'x', and 'x' didn't come to pass, thus recent news about 'x' cannot be trusted.

That's bullshit, unless you have actual evidence to prove the recent news is also unreliable.

However, you could argue a source cannot be trusted, but it's not the same source., so that doesn'y apply here.


This is the kind of logic those people use.
Click to expand...

So you are on the record that we have 35 years of oil left. Good for you. In 35 years we can revisit if the oil ran out. I think in 35 years we will still have 35 years of oil left.
 
Genx87 said:
So you are on the record that we have 35 years of oil left. Good for you. In 35 years we can revisit if the oil ran out. I think in 35 years we will still have 35 years of oil left.
Click to expand...

In the 70s as a kid, I was taught that the oil would run out by the year 2000.
 
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