Libya export about 400,000 a day, the world's over supply is two million barrels, and growing.
When the Saudi's or Iraqi oil fields are threatened, then a possibility of an oil shortage will be meaningful.
Google- "Canadian Oil Surge to U.S. Gulf Puts Mexico on Defensive"
"A price war is brewing between Canada and Latin America over who will satisfy U.S. Gulf Coast refiners’ hunger for heavy oil. "
We would have been out of the gw BuSh recession if the R. had wanted it. They vertiually blocked every jobs bill P. came up with.
"GOP senators block top Obama jobs initiative
By Ted Barrett, CNN
updated 8:29 PM EDT, Thu July 19, 2012"
"Washington (CNN) -- Senate Republicans on Thursday blocked the No.1 item on the president's congressional "to-do-list," refusing to allow a vote on a bill that would give tax breaks for companies that "insource" jobs to the U.S. from overseas while eliminating tax deductions for companies that move jobs abroad."
"Obama Infrastructure Plan: Senate GOP Blocks $60 Billion Measure
AP | By ANDREW TAYLOR
Posted: 11/03/2011 5:14 pm EDT "
"WASHINGTON — Republicans in the Senate Thursday dealt President Barack Obama the third in a string of defeats on his stimulus-style jobs agenda, blocking a $60 billion measure for building and repairing infrastructure like roads and rail lines."
And the list goes on and on, my advise to the head up the #$%$ of Fox so called news, is you extract it and learn what is really going on, simply by actually listening to what comes out of Republican's mouths, not the fabricated BS the Fox opinionated gossip rag is infamous for.
Oil prices are down because of the world hasn't fully recovered from the gw BuSh recession, and a hundred bucks a barrel has created a surplus of oil that wouldn't be on the market. if the Saudi's hadn't with held oil in their futile attempt at keeping oil priced around a hundred. As the world's economy recovers and the expensive oil dries up then oil will go higher, not until, and that will take about a year or so depending on how fast the western countries abandon their foolish austerity.
I agree it was difficult to track things down on the Super Nova. But forget that EV and take a look at today's tweet from Elon Musk.. He says the new TSLA battery pack will get 400 miles between charges, that is a huge leap, because that is approaching the distance a person would want to drive in a day. I didn't see how long it would take to charge the new pack, he promised more would come in the following weeks, I'm guessing in addition to improving their battery, that they may have incorporated a super capacitor into the system. The cost of the batteries is the the reason of the higher cost EV vs. the conventional fueled cars. TSLA's Reno facility that is currently being built will bring battery costs down dramatically.
And then there is the graphene battery that has phenomenal possibilities, in batteries it is all about surface area. "The resulting graphene electrode is highly porous. A single gram of this stuff has a surface area bigger than a basketball court."
The point I'm making here is EV's are here even at lower oil prices, and eventually they will make a signifcant impact on conventional fueled autos.
"In a tweet sent on Christmas Day, Tesla's CEO revealed that the first car to carry the company's
badge is going to get a battery upgrade which "will enable non-stop travel from LA to SF -- almost 400 mile range."
The thing to understand about peak oil is, the cheaper conventional oil has peaked and is being replaced by higher cost unconventional extracted oil i.e. deep sea, shale and tar sands oil. And keep in mind that Shale oil tapers off fast. A typical Bakken well goes something like this, 69% decline in the first year, 39% in the second year, 26% third year, 27% fourth year, 33% fifth year. Of course in the future they will improve on costs per well, and extractable reserves per well, but never the less, non conventional oil is still more expensive than conventional oil, and will remain so. Most of the reserves in North America are non conventional oil and that oil has caused this temporary glut. The Saudi's realize keeping a hundred dollar floor keeps the high cost producers profitable, and a progressive loss of market share for them. So they did what they did,
"It's a Christmas flood of oil at a time when refiners and producers usually are letting inventories get lower for end-of-year tax reasons, but with this flood of supply there's no place to put it," said Phil Flynn, analyst at Price Futures Group in Chicago.
Describing the data as "very bearish" and playing into "the mantra of supply glut", Flynn said it would be interesting to see if U.S. crude would test a $53 low before the year ended.
U.S. crude's front-month contract was down $1.30 to $55.82 a barrel by 11:11 a.m. EST (1611 GMT), after setting a session low at $55.07."
I doubt the auto gets 1000 kms on a full charge, but that is what the article stated. Another article claims a more reasonable 300 miles, which is impressive if true.
":The unique electric car reportedly is capable of covering a distance of about 1000 kilometres on a single full charge. Moreover, the vehicle also claims of attaining speeds of up to 150 Kms per hour." It looks something like a Corvette.
"China seems to have a penchant for electric cars, which is why it has decided to invest in installing numerous charging stations for electric vehicles throughout the country. The main purpose behind this gesture of the Chinese government is to give a boost to the demand of eco-friendly cars. "
Note their main reason is environmental, not to combat high crude prices.
I firmly believe you are a so called Fox News #$%$ Parrot.
T Boone P. knows what is going on, some few people predicted the gw BuSh crash that caused the Greater Recession and the ignorant austerity policies the conservatives implemented following it, that served only to prolong it.. The gw BuSh Greater recession is the only reason oil is in over supply now.
I'm still worried about derivatives that destroyed the world's economy, some are saying they will do it again sometime during 2015 or 2016. Otherwise I'd be buying oil stocks that can survive for the next eighteen months. .
I don't believe oil prices will trade between 90-100 though as he does, 80 is what I'm thinking and the reason i think that is a lot of high cost oil producers can get by at that price so many can survive this dip and become profitable as oil prices recover, and Iran, Iraq and the Saudis are able to put 10 million barrels of low cost oil a day on the market within 5 years, or any amount up to that as they wish.. And then you have India and China pushing hard for electric cars.
My understanding is there is about 2 million barrels a day of surplus barrels of oil on the market,
Angola can't sell all of what they have. If the oil market was tight the Saudi's wouldn't have cut their prices. they don't want to sell their oil for half the price, they were forced into it. The problems cutting prices has created for other countries was not the motivation, because there are negatives that are worse than the positives, such as China stepping in to help Russia, I don't think the US likes them getting closer, and other countries that depend on oil revenues may destabilize.
And one other thing, remember refineries are geared to specific grades of oil. It is reasonable to assume that the Saudi's don't want new refineries built for oil other than theirs, or older ones converted to accommodate US shale or Canadian Tar Sands oil. Thus their claim that they need to keep market share sounds legit to me.
The man T Boone Pickens says oil will return to 90-100 with-in eighteen months, he says as I have that it was the sluggish world economy that created the surplus and the problems of over supply, he didn't name austerity as the problem for the world slow down, but I believe that was the problem, and around the world people are revolting over it, so it will be coming to an end, as more of the most bone headed conservatives realizes austerity is the problem not the solution.
Here is the deal there is two million barrels a day of excess oil on the market now, it is because the Saudi's have kept the price over a hundred bucks, that has enabled the higher cost producers to take away market share from them, keeping the price above a hundred just means they will have to keep cutting production as more of the expensive oil keeps coming to the market, each time they cut production to maintain a higher price they have less oil to sell, it had to come to and end, capeesh? . Yes, oil prices will come back up as the higher cost producers go away, we have seen billions cut from their budgets already, how high and when is the question, my guess eighteen months and eighty bucks a barrel the new norm..
Many are predicting a market melt down either latter this year or next year. The banksters are still playing the same game that nearly brought down the worlds economy. Don't forget the articles posted earlier about oil derivatives. Many banksters are on the wrong side of oil future trading. And their massively leveraged paper has to be washed out. And like last time it won't be the banksters that will be absorbing their losses, the only difference is this time they don't have first time home buyers to blame, But,for sure they will blame someone other than taking personal responsibility..
Jimmy Dimmon and others Wall Streeter's came out saying you have to regulate or we will have another melt down, but the R. attached a rider to the defense spending bill that removed the very small attempt at regulating.
I'm so sick of this thievery they call capitalism, everyone suppose to have personal responsibility except them, we bail them out, then they have the gall to tell us to pull ourselves up by our own boot straps, . The world's in the crapper and the banksters keep lining their pockets without shame, there is no end to their arrogance and greed.
And Cuba, what are they saying, Cuba a country of 20 million will offer opportunities, yeah Right for sure, that is code word for exploitation, we have 50 million people in the US that are just as poor as the Cubans, but I don't hear anyone wanting to invest in them, Why, because they don't have a beautiful coastline they are worthless.
Of human emotions greed definitely trumps fear. But, because they are not afraid doesn't mean they
are safe, it means they are blissfully stupid.