In multiple ways, we are seeing the end of the oil age.
Change is coming.
Iran won.
Can’t wait to see what will happen when oil runs out and there’s been no preparation.
Yay!
In 1912, Tom Slick (his real name) was passing through what’s now Drumright, Oklahoma, when he smelled oil. He bought the land for $1 an acre and started digging, uncovering what was then Oklahoma’s biggest oil well.
It sounds implausible, but there really are stories like that everywhere out here in the west. You can’t make this shit up.
Or he trespassed to prospect and came up with that story before the owners found out about it
Dang. He drank their milkshake. Their milkshake brang all the Slicks to the yard.
Yeah. After the middle of July the other shoe is going to drop. Meanwhile all the sock puppet trump supporters and troll farm accounts are jumping up and down about how much the per barrel cost of oil has dropped, nevermind that it’s still higher than it was before trump started his war.
As global commercial and strategic oil reserves continue to be depleted—and the Strait of Hormuz in the Middle East remains effectively closed—the fear is it’s just a matter of time before resilient energy markets finally begin to “panic” and fuel prices soar more uncontrollably, whether that’s in July or August, said Patrick De Haan, head of petroleum analysis at GasBuddy.
I find it kinda odd how this sounds like oil reserves running out will be really bad at some point. Yet also how absolutely nothing is being done to slow down usage. They are not even asking people to stop non essential journeys or to work from home where possible.
That would require our government to have even the slightest amount of self-awareness. And that’s just not in the Trump administration wheelhouse.
Which, by the way, is THE ENTIRE FICKING POINT OF THE RESERVES IN THE FIRST PLACE
for graceful demand destruction and rationing to take place before it runs out. Because if you don’t do that everything breaks…
Sure we ran out of corn, but then we realized we had all this seed corn for next season.
The naysayers and sky is falling group told us “you can’t just eat your seed corn” but you should have seen the shocked look on those smarty pants faces when we easily turned the seed corn into breads and cakes and porridges.
Poor fools seriously thought you couldn’t actually eat seed corn. Now we are having a lovely time with full bellies! They keep asking about what we will do when it comes time to plant, but that isn’t for months and we are hungry now.
That seems depressingly accurate
But that would require planning for the future. Those in charge of everything in the US haven’t practiced that particular skill in years. Short term profits for the here and now > long term profits for the future. This is the inevitable result.
Almost like they are intentionally sabotaging the nations institutions, like a domestic terrorist…
I don’t live in the US though and the same seems to be the case here. UK, I have seen absolutely no impact at all. No changes.
I mean, if you believe in capitalism as many of our dear leaders do, you wouldn’t feel a need to “ask people” about limiting usage. As a product becomes more expensive, eventually people will naturally limit usage and purchase another cheaper product.
Not saying that’s correct or how it works but might explain the behavior.
The answer to this in capitalism is Keynesian economics. Raise tariffs to reduce demand and redistribute that money to everyone (through public works; lowering other taxes; universal basic income; or literally burning the money to reduce inflation and make people richer in proportion to their wealth).
Unfortunately, the capitalism the US government subscribes to is centralization of wealth through insider trading on economic shocks. When those tanks run dry and there is an economic crisis, the white house will have the authority to respond to the crisis. It will communicate its planned response to favored investors, allowing them to make the right investments to profit off the crisis, while investors who don’t have the white house’s favor have to guess and will therefore end up transferring wealth to those with better information through the stock market.
Elon Musk is a trillionaire because he has the white house’s favor, and so insider trading on government policy has exploded his wealth. When these oil reserves run dry, the white house will choose some response, and whatever that response is the white house’s clients will be in the right place at the right time to make a profit.
The price of it has barely changed here
Not sure where you live but it shut down an entire low-cost budget airline for low-income people in the USA
UK, tbh an airline shutting down sounds like rich people problems so I don’t overly care.
“ a lowcost Budget airline for low income people” shutting down
A rich persons problem?
Bruh, the rich didn’t fly spirit… and even if they did they still have options… like yeah some rich asshole lost their company but this hits low income travelers much harder than the rich.
You are fucking flying, you have enough money that I don’t care.
lol I don’t fly, but for someone in my shoes whose brother lives across the country, my options are either a full 1,200 mile / 18+hr drive or $180-300 on a 5hr flight to and from while also saving wear on my car, or to just not see my brother.
I prefer the third option as my brother is trash, but be for real. The airline that went down made it easier for everyday people that didnt have booku money to fly. Celebrating this as a hit to the rich is civilly tone deaf and naive
I think the logic is that ridiculous gas prices will encourage people to reduce consumption on their own. But the reality is nobody really has a choice but to use at the same rate and simply pay, so the boosted fuel cost doesn’t curb demand and is no different than the toilet paper profiteering during the pandemic. Either way, it’s looking to be about time for the US to cut Iran a sweetheart deal to fix their colossal fuck up.
In the UK prices have barely moved
Do you just have the nicest oil and gas companies in the world who wouldn’t dream of profiteering in the name of curbing demand during a global shortage, or are you already jacked up to the point that an increase would cause a revolt?
No idea, it isn’t something I buy so haven’t paid a huge amount of attention to it tbh
yeah cuz the lobby worked so well to fight trains in cities as well as cross country. i was working a job in a city 3 hours from my city for 6 months. i drove home on the weekends to have family time. i had to waste 6 hours of my weekend driving to and from instead of just hopping a train and taking a nap or reading piefed or just looking out the window enjoying the view.
fuck the oil lobby. they ruined a lot of things that could have been great for us in the make of money.
There are things that can be done to curb demand without cutting travel itself, like lowering speed limits for fossil cars.
But the right wing political machine runs on the opinion that stuff like that is all left-wing, and that right-wing means unlimited cheap gasoline.
“Reality has a well-known liberal bias” and all that
Higher gas prices should promote more conservative driving habits as well, but they don’t. People don’t drive the speed limits now, they won’t slow down to save money, and they make automated enforcement a political liability, ensuring anyone who tries to rein them in gets the boot. Will sure be interesting if they completely run out, but just like the band continued to play while the Titanic went down, it’s going to be business as usual here until reality slaps us in the face.
But we sure can’t have solar or offsore wind or anything else to help produce energy because fuck everyone except th fucking oligarchs.
Oh we’re definitely getting solar. Even with all the red tape around its installation and tax money spent oil subsidies, it’s getting to be so cheap that few of the roadblocks matter. There is very little even the oligarchs can do at this point to stop it’s adoption.
In Canada we called that a “Bennet Buggy”. Named after the Prime Minister at the time.
So what is trump doing with the billions of barrels of oil he’s stealing from Venezuela a week? Where is all that oil going?
VIGIL: If you take a step back and look at the global oil picture, what Venezuela is producing, which is just over a million barrels per day, is a very small amount of the global oil demand. So it’s about 1%, even though for Venezuela, it is a lot. Like you mentioned earlier, it’s a seven-year high. But because it is such a small amount, it’s not going to meaningfully change the shortages because of the war in Iran.
I don’t know exactly how much oil per day the Iran War has prevented, but it seems like Venezuela can’t cover all the losses. The NPR article says most of their oil is going to the US and India if you’re still curious about that.
Powering AI Datacenters probably
E: oh been on lemmy 3 years now, happy fuck spez day to me!
Fuck u/spez!
Damn, happy cake day grandma/grandpa !
🥳
