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| Awash with oil. | |
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| Topic Started: Dec 9 2015, 08:19 AM (92 Views) | |
| RJD | Dec 9 2015, 08:19 AM Post #1 |
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Prudence and Thrift
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![]() It appears that current production is driving a surplus of 3b barrels a day will result in petrol prices dropping to <£1.00 by Christmas. Then the very next article I read I find the UK stands as No.2, after Denmark, as making most progress towards a greener Planet. Now we are awash with the black sticky stuff it appears that we are losing interest in it and prefer the more expensive renewables. LINK With oil becoming less expensive, it must bottom soon, it might be a good time for industry, the Utilities to take a big stake in the futures market. |
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| Steve K | Dec 9 2015, 10:33 AM Post #2 |
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Once and future cynic
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Production isn't the same as reserves, yes we may see more £1 litres by Christmas[1] but the long term position on affordable fuel supply is much less comforting [1] Jempsons near Rye was selling at under £1 last week |
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| RJD | Dec 9 2015, 10:45 AM Post #3 |
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Prudence and Thrift
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"Long term"? What is this? 5 or 10 or 20 or 50 years? Yep oil in the ground or locked in shale is a finite resource, but so is gold and silver and other minerals that we consume ad nausium. [1] Jempsons near Rye was selling at under £1 last week |
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| skwirked | Dec 9 2015, 10:49 AM Post #4 |
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On Enforced Vacation
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This should be great news; an abundance of something so basically necessary. But in our world, in our markets it actually causes trouble. Just goes to show how the markets turn things on their head. |
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| Alberich | Dec 9 2015, 01:13 PM Post #5 |
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Alberich
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Hard to understand OPEC's stance in all this. The normal reaction would be for them to cut production in an effort to stabilise the price at an acceptable level, but they are doing the very opposite. Their reasoning seems to be that as the price drops, so the cost of extracting shale-oil will become prohibitive, and they seem to be hoping that the producers of that commodity will go out of business. There is some talk of the Saudi's "protecting market share"; but it has to be more than that. Demand for the black stuff has fallen sharply, as America turns to shale, and as China's booming economy has stalled for the time being. And while the drop in the price of oil is very welcome, it is not all good news, as many thousands of jobs in the north sea oil industry are now under serious threat. Where will it all end? Will the price continue its downward spiral, or will the oil producers be obliged to cut production? The pound a litre pump price sounds great, but markets hate uncertainty. We live in interesting times, as they say. |
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| Tigger | Dec 9 2015, 09:55 PM Post #6 |
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Senior Member
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Richer people than you plan for a future that has unreliable and scarce fossil fuel and hostile foreign controlled energy suppliers. Nearly fell off me ladder then! [1] Jempsons near Rye was selling at under £1 last week |
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| Rich | Dec 9 2015, 09:58 PM Post #7 |
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Senior Member
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You really should know better, elfinsafety.....was no one footing it or were you cutting costs again? [1] Jempsons near Rye was selling at under £1 last week |
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| Tigger | Dec 9 2015, 10:04 PM Post #8 |
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Senior Member
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I don't go up ladders these days, always been scared of heights over 25ft, in the past I never looked down and thought I'd never fall anyway!
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| RJD | Dec 10 2015, 09:38 AM Post #9 |
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Prudence and Thrift
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It does seem silly that we subsidise Plumbers to stick energy gathering bits of metal on roofs where the Sun rarely shines. I could understand such for Cornwall but not in the northern gloom. [1] Jempsons near Rye was selling at under £1 last week |
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8:28 AM Jul 11