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The Oil Crash Is Coming Sooner Than We Think (www.resilience.org)
submitted 1 year ago by to c/collapse@lemm.ee
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[–] 8 points 1 year ago (1 child)

I have been saying for awhile I don't get why oil companies seems to be anti wind/solar/etc. Basically in the past one barrel of oil could get you a hundred but we have sources that only get a couple now but one barrel can make produced many barrels of oil worth of burnt electricity by making solar panels and wind turbines.

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  • [–] 3 points 1 year ago

    Oil is traded according to supply and demand. The big problem for the industry is that turning off a well reduces output and debt still has to be services making supply stable, but so is demand. That means small changes can have a massive impact. OPEC+ saying the would increase oil prices by 0.4% made oil prices fall by nearly 10%. Obviously lower demand even by a bit can have similar results.

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    • [–] 3 points 1 year ago

    Cooperate mentality, profit for the year end reports and no future planning.

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