tomatoes
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Post by tomatoes on Apr 28, 2020 10:37:38 GMT 10
www.artberman.com/2020/04/27/game-over-for-oil-the-economy-is-next/“It’s game-over for most of the U.S. oil industry. Prices have collapsed and storage is nearly full. The only option for many producers is to shut in their wells. That means no income. Most have considerable debt so bankruptcy is next. ..... Energy is the economy and oil is the most important and productive portion of energy. U.S. oil consumption is at its lowest level since 1971 when production was only about 78% of what it was in 2019. As goes oil, so goes the economy…down. The old oil industry and the old economy are gone. The energy mix that underlies the economy will be different now. Oil production and price are unlikely to regain late 2018 levels. Renewable sources will fall behind along with efforts to mitigate climate change.”
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norseman
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Post by norseman on Apr 28, 2020 11:17:13 GMT 10
www.artberman.com/2020/04/27/game-over-for-oil-the-economy-is-next/“It’s game-over for most of the U.S. oil industry. Prices have collapsed and storage is nearly full. The only option for many producers is to shut in their wells. That means no income. Most have considerable debt so bankruptcy is next. ..... Energy is the economy and oil is the most important and productive portion of energy. U.S. oil consumption is at its lowest level since 1971 when production was only about 78% of what it was in 2019. As goes oil, so goes the economy…down. The old oil industry and the old economy are gone. The energy mix that underlies the economy will be different now. Oil production and price are unlikely to regain late 2018 levels. Renewable sources will fall behind along with efforts to mitigate climate change.” I really believe Global Financial shit is going to meltdown bigtime now! No individual or organisation has the capacity or knowledge to prevent this! The great unravelling is very much in progress!
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Beno
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Post by Beno on Apr 28, 2020 12:33:44 GMT 10
The theory is relatively basic, Endless growth that relies on finite resources = eventual crash when consumption exceeds supply of resource.
The real challenge is can we live meaningful lives without producing so much “stuff” and live within our means based on facts and not economic theory? I don’t know the answer cause everytime i analyse the issue i come to something that resembles communism. That doesn’t sit well with me but let’s be honest, this $300 billion government splurge appears to be just that.
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norseman
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Post by norseman on Apr 28, 2020 13:29:56 GMT 10
The theory is relatively basic, Endless growth that relies on finite resources = eventual crash when consumption exceeds supply of resource. The real challenge is can we live meaningful lives without producing so much “stuff” and live within our means based on facts and not economic theory? I don’t know the answer cause everytime i analyse the issue i come to something that resembles communism. That doesn’t sit well with me but let’s be honest, this $300 billion government splurge appears to be just that. That 300 billion splurge is the final, desperate roll of the dice and if it doesn't work it's all going down!
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landy
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Post by landy on Apr 28, 2020 13:35:36 GMT 10
The theory is relatively basic, Endless growth that relies on finite resources = eventual crash when consumption exceeds supply of resource. The real challenge is can we live meaningful lives without producing so much “stuff” and live within our means based on facts and not economic theory? I don’t know the answer cause everytime i analyse the issue i come to something that resembles communism. That doesn’t sit well with me but let’s be honest, this $300 billion government splurge appears to be just that. Well said. The theory is more than just basic when you think about it: finite = it will run out at some point. End of story. Yet, most world economies are based on growth. It would seem, that the only people in this modern world that do not live beyond their means are the ones forced by various conditions to do so. Very few take that path voluntarily. It's a human condition to want more and more.
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frostbite
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Post by frostbite on Apr 28, 2020 14:12:16 GMT 10
Does economic growth take into account growing world population? Or the desire for a better standard of living?
So at it's most basic, this planet has more and more people who are striving to consume more and more items. I can't see that losing momentum whilst we still have the capacity to breed and to produce.
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landy
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Post by landy on Apr 28, 2020 14:36:05 GMT 10
A growing population is the driver of economic growth. Not in every case, but in most cases. So, yes and yes.
You're right in saying it's not going to lose momentum anytime soon. This is just a bump in the road, albeit a painful and even catastrophic bump for some.
Economies can be manipulated or stalled purposefully, as we've seen in the past. Although, it would be very difficult to do it today.
It may be a good time to buy oil-stocks.
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spatial
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Post by spatial on Apr 28, 2020 16:25:14 GMT 10
I have posted on this before it is where the rubber hits the road and reality catches up with the fake central bank bubble economy. Oil price was talked up - fake war gestures with Iran with Trump authorizing the US navy to shoot and destroy any of the high speeding boats that Iran uses to harasser the US Navy. It pushed oil prices up after the last big route where contracts went negative. Next round of contracts is now due and with oil produces shutting down, oil refineries closing even the larges oil drilling company in the US going into administration. Big smash coming. The same is on the cards for global hosing, new car sales and stock markets. The everything bubble is starting to unravel, there is nothing left for central banks to inflate to crate more false economy -it is truly the endgame for the economy. "We Are Moving Into The End-Game": 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Downwww.zerohedge.com/markets/we-are-moving-end-game-27-tankers-anchored-california-hundreds-singapore-oil-industry-shuts
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bug
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Post by bug on May 1, 2020 17:58:52 GMT 10
Good. Screw the oil industry.
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