Oil plunging to unprecedented lows with more output cuts on the way

[mentalfloss]

And it burns burns buuuurns..


Alberta Cuts 1 Million Bpd In Oil Production

Indeed, Alberta has been a step ahead of other producers when it came to cutting production, although not by design. Pipeline constraints had already forced Canadian crude prices low enough for many producers to struggle to survive, and the fallout of the oil price war and the coronavirus pandemic only sped up the inevitable: forced production cuts on top of government-instituted ones.

Alberta’s oil sector was one of the first and hardest hit by the crisis, with doubts emerging at one point about whether the oil sands industry would even survive this crisis. The industry itself is pessimistic. A recent Business Outlook Survey from the Bank of Canada found that the industry was more pessimistic about its outlook than it was in either 2008, during the Great Recession, or even 2014 when oil price last fell in the $20s and below.

https://oilprice.com/Latest-Energy-News/World-News/Alberta-Cuts-1-Million-Bpd-In-Oil-Production.html

 

[Hoid]

OPEC also extended its 10 million bpd cut through July.

The world is as always awash in oil, and seemingly whatever they want to pretend its worth is what its worth.

 

[Dixie Cup]

It's a good thing we have lots - we'll need it for quite awhile yet!

 

[gerryh]

It's a good thing we have lots - we'll need it for quite awhile yet!

A far cry from what we were told in the past.

 

[Hoid]

It's a good thing we have lots - we'll need it for quite awhile yet!

20 years?

Could it possibly take 20 years to totally eliminate gasoline? Once gasoline no longer exists the price of oil will have to come down to what its actually worth which is basically nothing.

 

[gerryh]

20 years?
Could it possibly take 20 years to totally eliminate gasoline? Once gasoline no longer exists the price of oil will have to come down to what its actually worth which is basically nothing.

Less than half of the oil produced is used to make gasoline.

 

[Hoid]

Less than half of the oil produced is used to make gasoline.

So demand will fall by less than half!

 

[Twin_Moose]

20 years?
Could it possibly take 20 years to totally eliminate gasoline? Once gasoline no longer exists the price of oil will have to come down to what its actually worth which is basically nothing.

Does your estimate include Diesel fuel as well? Airplane fuel? Jet fuel?

 

[pgs]

Does your estimate include Diesel fuel as well? Airplane fuel? Jet fuel?

Plastic ?

 

[taxslave]

20 years?
Could it possibly take 20 years to totally eliminate gasoline? Once gasoline no longer exists the price of oil will have to come down to what its actually worth which is basically nothing.

Can't find a single reason why we would want to.

 

[NZDoug]

Can't find a single reason why we would want to.

Fossil fuel usage is destroying the planet.
https://electrek.co/2019/12/27/volkswagen-accelerates-electric-car-plans/
also,
"According to the document, due to be discussed at a meeting of high-level government and car-company officials on Monday evening, grants for plug-in hybrids will rise from 3,000 to 4,500 euros. For vehicles priced over 40,000 euros the grants will rise to 5,000 euros.
The government wants to have 10 million electric vehicles on the roads by 2030, part of an offensive designed to turn round the German car industry’s perceived laggard status in e-mobility compared to its rivals in the United States and China.
The paper came to light on the day that Chancellor Angela Merkel gave a speech at Volkswagen’s Zwickau factory, where the German watched the carmaker start mass production of its ID.3 electric car, a vehicle costing around 30,000 euros."
more
https://www.reuters.com/article/us-germany-autos-idUSKBN1XE1AK

 

[spilledthebeer]

Fossil fuel usage is destroying the planet.
https://electrek.co/2019/12/27/volkswagen-accelerates-electric-car-plans/
also,
"According to the document, due to be discussed at a meeting of high-level government and car-company officials on Monday evening, grants for plug-in hybrids will rise from 3,000 to 4,500 euros. For vehicles priced over 40,000 euros the grants will rise to 5,000 euros.
The government wants to have 10 million electric vehicles on the roads by 2030, part of an offensive designed to turn round the German car industry’s perceived laggard status in e-mobility compared to its rivals in the United States and China.
The paper came to light on the day that Chancellor Angela Merkel gave a speech at Volkswagen’s Zwickau factory, where the German watched the carmaker start mass production of its ID.3 electric car, a vehicle costing around 30,000 euros."
more
https://www.reuters.com/article/us-germany-autos-idUSKBN1XE1AK

Say Nut Zone Doug - DID YOU KNOW that even our vaunted former Climate Minister - the infamous "CLIMATE BARBIE"


used to drive a HYBRID CAR for her personal ride - and she probably still has it!


YES! Our LIE-beral Minister for concocting "Climate Emergencies" COULD NOT FOREGO the ease, convenience,



and EXTENDED RANGE of a GAS POWERED VEHICLE!


In the most recent year for which we have information - Climate Barbie USED HER PERSONAL CAR to travel over



25,000 KM! And THIS DOES NOT COUNT for the various times she rode in a MINISTRY LIMOUSINE!


There is NOT ENOUGH MONEY LEFT ON THE PLANET - to persuade the average person to PUT UP WITH ALL THE ISSUES


THAT COME WITH AN ELECTRIC TOY CAR!


Oh sure - those Germans are going to do some RESEARCH on the electric TOYS - JUST IN CASE!


And they will produce a few PROTOTYPES - and may even sucker a few people into using the TOYS for some



REAL WORLD TRIALS! BUT that is ALL!


Just look at our resident electricity head hemerHOID and HIS PERSONAL VIEW OF ELECTRIC TOY CARS!


HemerHOID has told us that "he would be willing to buy an electric TOY car - AFTER they do something



about the LOUSY RANGE"!


And hemerHOID did not even bother mentioning the TERRIBLE SERVICE LIFE of the average Lithium battery!


Who killed the electric car?


NOBODY!


It COMMITTED SUICIDE after finding out how many faults and limitations it would have - going through life!

 

[taxme]

And it burns burns buuuurns..
Alberta Cuts 1 Million Bpd In Oil Production
Indeed, Alberta has been a step ahead of other producers when it came to cutting production, although not by design. Pipeline constraints had already forced Canadian crude prices low enough for many producers to struggle to survive, and the fallout of the oil price war and the coronavirus pandemic only sped up the inevitable: forced production cuts on top of government-instituted ones.
Alberta’s oil sector was one of the first and hardest hit by the crisis, with doubts emerging at one point about whether the oil sands industry would even survive this crisis. The industry itself is pessimistic. A recent Business Outlook Survey from the Bank of Canada found that the industry was more pessimistic about its outlook than it was in either 2008, during the Great Recession, or even 2014 when oil price last fell in the $20s and below.
https://oilprice.com/Latest-Energy-News/World-News/Alberta-Cuts-1-Million-Bpd-In-Oil-Production.html

I guess this must be one reason why gas in BC is up around $1.13 a liter. What a joke. Oil prices go down but here in BC prices go up. Talk about stealing? And the royal fuking continues on against we the people by our dear comrade leaders in Canada. Between the globalists and our comrade politicians I am having a rough and tough hard time trying to figure out as to which on is worse for me. But whatever, there can be no doubt about it that neither one of them as much love and concern for me. It's more like they both have nothing but contempt for we the people, and we no doubt deserve it all because most of those we the people could careless about anything that is going on in the world. They mostly like to get out there and pretend that they give a shit about BLM'S when all they are doing is virtue signalling. Hey, look at me world, I give a shit. Well not really. It is mostly about me-me-me but they don't know that. Bloody morons and retards.

 

[taxslave]

Fossil fuel usage is destroying the planet.
https://electrek.co/2019/12/27/volkswagen-accelerates-electric-car-plans/
also,
"According to the document, due to be discussed at a meeting of high-level government and car-company officials on Monday evening, grants for plug-in hybrids will rise from 3,000 to 4,500 euros. For vehicles priced over 40,000 euros the grants will rise to 5,000 euros.
The government wants to have 10 million electric vehicles on the roads by 2030, part of an offensive designed to turn round the German car industry’s perceived laggard status in e-mobility compared to its rivals in the United States and China.
The paper came to light on the day that Chancellor Angela Merkel gave a speech at Volkswagen’s Zwickau factory, where the German watched the carmaker start mass production of its ID.3 electric car, a vehicle costing around 30,000 euros."
more
https://www.reuters.com/article/us-germany-autos-idUSKBN1XE1AK

Stupid is as stupid does. Nothing like charging your electric car from a coal fired generator to cut GHGs.

 

[taxslave]

I guess this must be one reason why gas in BC is up around $1.13 a liter. What a joke. Oil prices go down but here in BC prices go up. Talk about stealing? And the royal fuking continues on against we the people by our dear comrade leaders in Canada. Between the globalists and our comrade politicians I am having a rough and tough hard time trying to figure out as to which on is worse for me. But whatever, there can be no doubt about it that neither one of them as much love and concern for me. It's more like they both have nothing but contempt for we the people, and we no doubt deserve it all because most of those we the people could careless about anything that is going on in the world. They mostly like to get out there and pretend that they give a shit about BLM'S when all they are doing is virtue signalling. Hey, look at me world, I give a shit. Well not really. It is mostly about me-me-me but they don't know that. Bloody morons and retards.

$1.249 yesterday.

 

[NZDoug]

Stupid is as stupid does. Nothing like charging your electric car from a coal fired generator to cut GHGs.

My Tesla solar power panels and battery has gone are now feeding the grid and making me money.
I don't have a power bill, I have a power subsidy.
I had a buddy when I lived in Ontario who had black hose in coils which heated his swimming pool.
A hundred years ago, who could imagined black tubing.
The point is, technology changes creating new solutions to old problems.

 

[Hoid]

Stupid is as stupid does. Nothing like charging your electric car from a coal fired generator to cut GHGs.

there are still coal-fired generators?

Have they never heard of the Sun?

 

[Hoid]

https://cleantechnica.com/2020/06/0...sober-reminder-to-upbeat-fossil-fuel-pundits/
Latest solar project to deliver 1.35cents/kWh

Solar is not just cheaper than coal it is dramatically cheaper.

 

[Avro52]

My Tesla solar power panels and battery has gone are now feeding the grid and making me money.
I don't have a power bill, I have a power subsidy.
I had a buddy when I lived in Ontario who had black hose in coils which heated his swimming pool.
A hundred years ago, who could imagined black tubing.
The point is, technology changes creating new solutions to old problems.

I have solar panels as well feeding the grid and my father in-law has tubes on his roof for showers in the summer time.

 

[NZDoug]

I want an electric bike with 4.5 inch tires for the beach.
I can cart it around in the pick up truck ("ute" in NZ for utility) as long as its liftable, and also take it in the inflatable boat and strap it along the centerline.
It will give me land and sea strike capabilities.