Crude settles down 4.6%, lowest since June 2012

Told ya so.

Sort of not fair to post this here since Jiggs got banned from this forum. Obviously peak oil is lol, but should at least post in unchained so he can respond.

I thought he was only banned in politics? I saw him post in here.

It was recent that he got reprimanded for it, he has posted in here.

Jiggs has already started commenting on the price drop in unchained. Shockingly, he views is as supportive for peak oil theory.

Has anyone ever asked Jiggs what would falsify peak oil theory?

He'd probably say nothing or the something along the lines of a complete collapse of western style capitalism.

Econ is a subforum of Politics. It's not a separate forum. Everything true in Politics is inherited by Econ.

Weird that OPEC isn't reducing their output over this

Knowing the US isn't a part of OPEC might be why. They want to keep market share and if they reduce output, the U.S's market share would only increase.

I would not say peak oil is lol it is just not that important. Romney put out a Fox news bluff during the election, and he is now exposed to it. I noticed Einhorns largest holding is now SunEdison. Despite what you read the cheapest form of fuel will be solar photovoltaic at less that $0.01 per kwh or about 15 cents for a gallon of gas equivalent.

I also notice the guy that made the collapse movie about oil, unfortunately committed suicide.

http://en.wikipedia.org/wiki/Michael_Ruppert

There is also wind, gas, geothermal, existing coal, and nuclear to add to the mix.

I don't believe in peak-oil, as far as I believe in any short to moderate term uber-shortage in supply, but I don't think this recent drop proves or disproves Jiggs. The Saudis are keeping their production high in an Amazonian play to keep their market share high while others blink first and lower production due to cost constraints.
As an aside, from a geopolitical standpoint it will be interesting to see how this affects Russia in 6-12 months.

Also just as a note, you all do know that many of the new oil plays require higher oil prices to be profitable (well as profitable as der markt demands). Look at the recent plunge in the stocks of oilfield suppliers, e.g . National Oil Well Varco, who will see their off-shore order book plummet if crude stays cheap.

http://m.wsj.com/articles/oils-fall-...38645?mobile=y

There is a very good chance the Saudis are pumping oil to influence the election. However, you are correct, there is a limited supply of oil and over 5-100 years there will be peak oil. Just right now due to the pressure on government to lower prices and new tech there is a supply that results in $85 oil.

you cant compete with your shale gas garbage with american branch "ISIS ltd" who also trade oil but at 40$.
all artificial efforts often fail. Time has changed.

[>Breakeven] nuclear fusion would do it for me.

Fusion is a threshold technology. Once they figure out how to do a controlled ignition on commercial scale nuclear fusion will take over electricity generation within 2 or 3 decades.

They haven't even figured out controlled ignition in a lab setting yet.

$66 oil! Russia, Venezuela, and the middle east are screwed.

Not really. Read recently that the Saudis' (largest producer in OPEC and in the world) production costs are lower than other producers so they don't need the price of oil to be high to remain competitive. In fact a high price works to their benefit because it will drive the weaker players out of the market as they go bankrupt. Pretty smart strategy in the short term imo

what i heard on the radio said that Saudis are just going to sit on low prices for a half year to see how it plays out, due to their fear of losing market share

they have enough foreign investments/currency to pay their debts, so it's not a big deal for them

what i heard on the radio said that two out of three ain't bad and I felt the need to tell you all what i heard on the radio because i like piping up about things i heard on the radio.

meatloaf probably needs to put out another album.