Markets in a tailspin

[OverVolt]

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

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.

 

[fskimospy]

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

Can you explain how?

 

[Zorkorist]

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

 

[OverVolt]

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

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]

The Saudis have 100(0) years of oil, as do we.

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

-John

 

[Hugo Drax]

Word is markets will be Halted on Monday to allow people to take a break and rethink things.

 

[OverVolt]

Word is markets will be Halted on Monday to allow people to take a break and rethink things.

Oh geez I haven't looked in awhile. That correction made me lol.

 

[Kwatt]

Word is markets will be Halted on Monday to allow people to take a break and rethink things.

Me thinks you are trying to start something.

.

 

[First]

it makes plenty of sense because PE ratios are really high right now

Not at Dow 16k and S&P 1870. Index PE's are basically very fair value now.

 

[mysticjbyrd]

The Saudis have 100(0) years of oil, as do we.

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

-John

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]

BP's own reports say 35 tears of easily accessible oil remain.

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.

 

[mysticjbyrd]

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.

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?

 

[Jaskalas]

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.

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.

 

[Genx87]

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?

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?

 

[Genx87]

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.

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

 

[JSt0rm]

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.

 

[JSt0rm]

saudi can make a barrel of oil for $7

 

[mysticjbyrd]

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?

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.

 

[nickqt]

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.

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.

 

[OverVolt]

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.

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.

 

[mysticjbyrd]

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.

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.

 

[OverVolt]

...

 

[OverVolt]

..

 

[Genx87]

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.

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.

 

[bshole]

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.

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