Quote:
Originally Posted by ToothSayer
March 2014:
3.25 years later, about $45. I think this post was peak peak oil.
Sorry I missed your "sick bump." I don't really visit much any more, as it's become such a cesspool.
It's funny though that I still rent space in your head. Must be because I pants'd you back in the day, calling you out for your racism in that thread re: what ails floundering Europe.
Your metamorphosis into borderline white supremacist on this site really blossomed from there.
But you tend to do this every once in a while, where you need to gloat.
What you do is point to oil price, and ignore that I've mentioned both far too high and far too low price scenarios ... You're well aware I've said that what matters is ONLY the imbalance between the global price buyers can afford, and what price the industry actually needs to make a buck. The passage you're quoting of mine wasn't predicting price; it was asking a hypothetical of where oil price would be today in a truly free market. Dumb as you are, I'm confident you knew my meaning there. It's just that you're so dishonest, you had to omit all context. It's what you do.
Cornucopia clowns award themselves a trophy because they're finally paying $2 for gas again, ... yet meanwhile as I've shown many times over, tight oil producers (esp. frackers) are taking an absolute beating right now.
Great ... the price of oil ballooned for 12 years, allowing new (old, really), disgusting technology to make fracking suddenly "viable." Capitalists being what they are, they overproduced for a short while, and soon ran out of storage. Futures price dropped hard. As a result, the industry has had to become lean to the point of being malnourished, and production totals started to reverse all over again.
Fracking has hit its ceiling. It's been the only thing maintaining needed overall production "growth" ever since conventional production reached it's plateau a decade ago. Conventional oil is what the petrodollar is based on, and conventional oil production is flat. ... In the background, though, demand is relentless. Maybe not in the US, where demand is flat, but the developing world continues wanting more oil each passing year. If you think "fracking" will continue to expand to keep pace, you're a fool.
This is it. It's all we know how to do. The new (old) frontier. Tight oil production. From massive formations experts knew about 80 years ago, and laughed at the idea conditions would ever get bad enough to need them.
Well, we "need" now.
This is the opening stages of an oil war. And it's entirely due to peak oil/oil depletion/net energy decline, whatever you prefer to call it.
If you want to pretend you "won" because global oil price is depressed, that's fine. But the reality is that the industry is at it's breaking point.
Last edited by JiggsCasey; 07-07-2017 at 03:17 AM.