/biz/ - Business & Finance

>>56424818
I can't believe there are still people who think the US matters at all when it comes to oil. OPEC is in the driver's seat unless US shale goes to maximum overdrive, which it won't and arguably can't anymore.

Though one thing the US could do to flood the market with oil again would be to tap into the Alaskan National Petrolium Reserves. I wonder when those will come into play.
>>56424829
>hahahaha no its not, now you are just making shit up
If you can't be bothered to even research the basic facts then why are you so insistent on arguing about things? Here let me spoonfeed you so you can educate yourself.
>oil -- year on year demand growth every year sans (((2020)))
https://www.statista.com/statistics/271823/global-crude-oil-demand/
>natgas -- click on "annual" and notice the line literally only goes up
https://www.eia.gov/dnav/ng/hist/n9140us2A.htm
>uranium -- crabbed until now but beginning to trend up as also evidenced by the massive global push for new nuclear power plants
https://world-nuclear.org/information-library/nuclear-fuel-cycle/uranium-resources/uranium-markets.aspx
>coal -- literally set new global demand records last year
https://www.statista.com/statistics/265507/global-coal-consumption-in-oil-equivalent/

>>56202743
>Pop quiz, how much do you think beef and gasoline would cost right now if goverments weren't subsidizing the prices and hiding the deficit in their budgets and debts?
as much as the futures market prices say they would. There is of course some dissonance between the "real" price you pay as a consumer and the spot price, but that difference is fairly minimal in most cases. We can use other commodities as well if you'd like. Copper would be trading at $6.49/lb if Shadowstats inflation charts were even close to reality. Wheat would be $2,400/bushel. Corn would be $1,728 per bushel. Even with subsidies taken into account they would not cover the inflation stated by Shadowstats.
>How much do you think gasoline would cost in the US right now if President Joey didn't drain the emergency storage?
probably more, but if there was no petrolium reserve, new supply would come to meet demand. OPEC could increase production, US shale swingers would be wildly profitable, heck there's even the massive NATIONAL petrolium reserve in Alaska nobody seems to know about which even today remains a viable "wild card" for US oil&gas production even as the Permian and Eagle Ford are close to maturing as basins. When prices go up, supply finds its way to market. That's not an insane concept to you I hope

>>56126268
>>56126306
I should maybe point out that Alaska may actually be a place for future growth for US o&g production though. There is a large national petroleum reserve there that's been tested many decades ago and is known to have held a lot of oil in place, at least back then. It's the single biggest public protected land in the USA. Today there's not that much going on there (Alaska produces <500k bopd these days) but the private company Hilcorp has been buying up Chevron's interests in Alaska hand over fist over the years. ConocoPhilips is the largest owner of explorations leases in Alaska, and they're the biggest crude oil producer in Alaska. Alaska is home to some of the largest oilfields in the US, and they are largely underexplored and underdeveloped compared to the US Midwest.

https://www.akrdc.org/oil-and-gas
>pic related

also here's an excellent presentation on the topic from my favorite pajeet
https://www.youtube.com/watch?v=EftjFGw9BGA&ab_channel=ShubhamGarg
>>56126343
>I am honestly not sure oil is ever gonna go below 80 again.
it will. Commodities are fickle, they run up like crazy at times and get fucked other times. It's a truly cyclical market, and now we're in a bull cycle. We know this and there's not much we can do to avoid using energy ourselves, so the second best thing to do is take advantage of the market movements and turn a profit while we can.