Wow
Your partly right.
I feel badly for the renewables and EV market... Gonna be tough sledding for those guys
Canadian oil sector to be looking toward renewable energy
- Thread starter mentalfloss
- Start date
Wow
Your partly right.
I feel badly for the renewables and EV market... Gonna be tough sledding for those guys
Take that IROC and seduce your white trash with it.
This Historic Oil Price Crash Will Create A New Era For Energy
https://oilprice.com/Energy/Energy-...ash-Will-Create-A-New-Era-For-Energy.amp.html
This Historic Oil Price Crash Will Create A New Era For Energy
https://oilprice.com/Energy/Energy-...ash-Will-Create-A-New-Era-For-Energy.amp.html
Oil will be a requirement for many, many years to come. What goes down will eventually come back up. Too many people rely on it for consumer products in addition to transportation and a reliable source of heat & electricity. Those demanding that we go strictly solar & wind are being disingenuous. There may be a place for renewables but they will never replace oil at any time in the near future. Simply too unreliable.
Cheap gas is putting a crimp on electric car sales according to Nielsen. What the government discovers they can no longer afford to subsidize the purchase and continued operating costs electric car sales will be nearly nonexistent.
With all of the cheap gas and diesel, I can only assume that this new era will involve rolling coal
Yep, national pandemic financing will all but eliminate grants and subsidies to EVs and renewables
cheap oil means nobdy will be producing it.
you must have doubled up on drama classes instead of taking economics
Bahahaha means the stockpile is high and depressed prices will last awhile until the reserves get used up.
$0 Oil Forces Canada To Shut Down Crude Production
Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports, noting the move could have dire long-term consequences for the production facilities.
Steam-driven oil sands production, also called steam-assisted gravity drainage, involves injecting steam into an oil sands deposit to melt the bitumen and make it flow up the well. To ensure long-term production, the temperature and pressure at such sites must be maintained at a certain level. Disruption, Reuters explains, could result in permanent damage, which would translate into a permanent loss of production.
Yet Western Canadian Select, the heavy oil benchmark of Canada, has been trading below $10 for about ten days now, with a temporary spike to $10.13 a barrel last Thursday. At the time of writing, WSC was trading at $-0.01 a barrel.
As a result, producers are being forced to cut. Husky Energy cut its oil sands output by 15,000 bpd. Cenovus reduced its production by 45,000 bpd and said it could raise this further to 100,000 bpd, nothing a cut of this size wouldn’t damage the bitumen reservoirs. ConocoPhillips last week said it would cut its oil sands output by as much as 100,000 bpd.
Earlier this month, ahead of a meeting between Alberta government officials and OPEC, the chief executive of Enbridge said oil producers in Western Canada could shut down as much as 20-25 percent of production in response to the price slide, brought about by the coronavirus outbreak that exacerbated the situation with the supply overhang.
A cut of 20-25 percent translates into 1.1-1.7 million bpd. According to TD Securities, 135,000 bpd of this has already been cut, all in the oil sands, as of April 7. Now, the consultancy says that total production cuts in the oil sands amount to 300,000 bpd and could rise further to 1.5 million bpd.
https://oilprice.com/Energy/Oil-Prices/0-Oil-Forces-Canada-To-Shut-Down-Crude-Production.html
Canadian oil companies have begun shutting down steam-driven oil sands production projects as prices continue to fall, Reuters reports, noting the move could have dire long-term consequences for the production facilities.
Steam-driven oil sands production, also called steam-assisted gravity drainage, involves injecting steam into an oil sands deposit to melt the bitumen and make it flow up the well. To ensure long-term production, the temperature and pressure at such sites must be maintained at a certain level. Disruption, Reuters explains, could result in permanent damage, which would translate into a permanent loss of production.
Yet Western Canadian Select, the heavy oil benchmark of Canada, has been trading below $10 for about ten days now, with a temporary spike to $10.13 a barrel last Thursday. At the time of writing, WSC was trading at $-0.01 a barrel.
As a result, producers are being forced to cut. Husky Energy cut its oil sands output by 15,000 bpd. Cenovus reduced its production by 45,000 bpd and said it could raise this further to 100,000 bpd, nothing a cut of this size wouldn’t damage the bitumen reservoirs. ConocoPhillips last week said it would cut its oil sands output by as much as 100,000 bpd.
Earlier this month, ahead of a meeting between Alberta government officials and OPEC, the chief executive of Enbridge said oil producers in Western Canada could shut down as much as 20-25 percent of production in response to the price slide, brought about by the coronavirus outbreak that exacerbated the situation with the supply overhang.
A cut of 20-25 percent translates into 1.1-1.7 million bpd. According to TD Securities, 135,000 bpd of this has already been cut, all in the oil sands, as of April 7. Now, the consultancy says that total production cuts in the oil sands amount to 300,000 bpd and could rise further to 1.5 million bpd.
https://oilprice.com/Energy/Oil-Prices/0-Oil-Forces-Canada-To-Shut-Down-Crude-Production.html
The Saudi's and Russians and fighting for market share and will get pumping out product uninterrupted.... The big issue for the EV market is - how long will it take to burn through the 10s or 100s of millions of cheap oil in storage considering that there is more and more oil hitting the market each day
The price of oil is a response to supply and demand, not a catalyst.
No one is driving a car right now unless you absolutely have to and that, along with the resulting glut of supply, is why the price is so low.
If people started to use it more, the price would go up.
But since oil is so ****ing useless to us right now, it remains cheap.