Skip to comments.U.S. to Dominate Oil Markets After Biggest Boom in World History
Posted on 11/15/2017 12:20:50 PM PST by OatkaEdited on 11/15/2017 12:36:42 PM PST by Jim Robinson. [history]
bloomberg is link only
Add the peak oil folks to the global warming and overpopulation folks.
The Leftists will game any issue they can think up.
but Scientists(now they are Global Warming Scientists) said we would run out of oil decades ago
I am always amazed by the power of the free market combined with human innovation.
Its also amazing that Marxists and progressives continue to blind people with the promises of central-planning of our money supply, health-care, education, just to name a few.
still waiting for this to translate into lower gas prices.
I’m waiting for it to be a turning of our back to most Arab problems, except where it concerns Israel.
Holy Moly the jackasses got it wrong again.
“still waiting for this to translate into lower gas prices.”
It has already happened.
Gas was over $4/gallon a few years ago, and we pay lower prices than Europeans today, even after taxes are removed (because our West Texas Intermediate costs less than their Brent).
Basically, US production roughly keeps global oil prices in the “Shale Band” of $45-65/bbl.
We would have to ramp up production big time to keep up with demand however, if the global economy takes off.
Thanks Oatka. Even Malthus didn't die a Malthusian. :^) The US has dominated oil markets because the US bought a huge percentage of the oil production for a long while. Proven reserves worldwide have continued to climb, despite pumping millions of bbl a week.
If you removed the state and federal taxes, it’s even a better deal.
The problems will get worse as OPEC starts selling to and allying with China....
OMG you nailed it.
from the article:
“the IEA added a scenario in which the industry beats current projections.
...If shale resources turn out to be double current estimates, and the use of electric vehicles erodes demand more than anticipated, prices could stay in a lower-for-longer range of $50 to $70 a barrel through to 2040.”
message me when it’s back to a $1 a gallon like it was during W’s term, since we are in the biggest boom in world history..
I doubt we will see $1.00 a gallon gas with the state and federal taxes on gasoline.
Our betters cannot do without.
I could not have said it better!
I would just like them to remove the ethanol mandate that so many states have adopted. Of course, the fuel stabilizer manufacturers would be upset.
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