The Oil Crash Is Coming Sooner Than We Think
https://www.resilience.org/stories/2024-04-15/the-oil-crash-is-coming-sooner-than-we-think/Open linkView original on lemm.eehttps://www.resilience.org/stories/2024-04-15/the-oil-crash-is-coming-sooner-than-we-think/Open linkView original on lemm.ee
I have been saying for awhile I don't get why oil companies seems to be anti wind/solar/etc. Basically in the past one barrel of oil could get you a hundred but we have sources that only get a couple now but one barrel can make produced many barrels of oil worth of burnt electricity by making solar panels and wind turbines.
Oil is traded according to supply and demand. The big problem for the industry is that turning off a well reduces output and debt still has to be services making supply stable, but so is demand. That means small changes can have a massive impact. OPEC+ saying the would increase oil prices by 0.4% made oil prices fall by nearly 10%. Obviously lower demand even by a bit can have similar results.
Cooperate mentality, profit for the year end reports and no future planning.