Less than two months ago, analysts were talking about $100 a barrel oil prices; that now seems like a distant reality.
Or the rise of wind mills, solar panels, and electric cars also decrease the demand… get 2 economists in a room and get 3 opinions.
Take this with a giant grain of salt.
I’m looking for the (long, drawn out) end of the gasoline industry, where we enter a virtuous cycle of:
- reduced demand
- lower prices
- a few fossil fuel companies cut back or go out of business
- reduced supply
- higher prices
- more usages switch to renewables
- repeat
I mean you don’t see demand for whale blubber for lanterns.
That’s gonna be the end result
Plastics.
They’re a small part of what we use oil for though. Significant, but a hell of a lot smaller than fuel
The problem is that the rich are hiding that they’re shit with money and can’t pay interest on their loans by jacking up the prices of everything
This article is about a 19% drop in the last 2 months. Alternative energy methods didn’t increase in popularity/use enough in the last 2 months to cause that much of a drop. The article uses a decent amount of actual data analysis and sources and shows a pretty clear causality between the growth of supply and the stagnation of demand that led to the price drop.
Renewable energy has definitely led to an overall drop in price over the last 15 years but it wouldn’t cause a drop this drastic without a huge increase in use or improvement in technology.
Found the author
Do you have any counter points or just a cheap joke?
You just named the title of my autobiography
Highly likely given the NuScale news
Oh so people are gonna start slapping Joe Biden “I did that” stickers all over gas pumps now in celebration right?
Lol of course not, it’ll be Trump stickers this time.
He lowered gas prices and he wasn’t even the president. Truly a man of the people.
The biggest problem with his faction, is they would believe EXACTLY that.
Right? It’s so weird that a bunch of blue collar Americans have latched on to a NYC trust fund billionaire, and think he has their interests at heart.
If he wasn’t a racist piece of trash, I’d totally agree to you. He found the exact tool needed to ‘engage’ that audience. Makes me ashamed that the vapid racist population represents enough of a voting block that it was successful the first time.
I bet prices at the pump will not drop anywhere near as far.
Prices in my area were pushing $4 per gallon a few weeks ago. Most stations in the area are now below $3. I saw $2.89 yesterday.
Dang dude! I just saw gas for $5.25 a couple of days ago. It was even higher when I was in California awhile ago.
Yeah it really varies. I paid over $5 gallon when I was in Vegas last month topping off the rental.
Prices in my area have been steady between 1.66 and 1.70 per liter for over a year now.
So roughly like $6.50/gallon.
I went on a trip recently and the lowest price I saw was, I think, $2.69/gallon which is like $0.70/Liter.
Yeah they were hitting nearly $5 a gallon here, then suddenly dropped by 30-40 cents a couple weeks ago
I saw $2.64 yesterday. Lowest I have seen in probably 6 months.
Ugh. As much as I appreciate that people need cheap gas to survive, it does encourage more gas use. :(
The high prices in Europe due to Ukraine really lit a fire under everyone’s asses to switch energy sources. Useful, even if a lot of people suffered because of it.
Unfortunately humanity has shown that we just don’t give a fuck unless the correct people are fucking dieing in a relatively quick manner.
Energy prices still hurt in Europe.
I don’t get it, it barely comes down during the month.
Is this insinuating it won’t skyrocket back to 100 in another month…?
It’s not insinuating that at all, in fact the article is pretty clear that this isn’t some sign of things to come, it’s pretty much only because OPEC and the US have been increasing supply of oil even though demand has been fairly stagnate or dropping. OPEC usually will slow production when prices get too low so there’s a good chance prices will start going back up again soon. The only reason this would be sustainable is if they chose to continue this level of production which they’d only do if they felt it could benefit them long term (for example if they think lower gas prices will prevent an increase in EV purchases, which is possible but not likely at this point).
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Lol all those anal-ists, with their ruler making projections in straight line
I bet now they forecasting oil at 30$
tbf, the actual analysts usually have much more complex models. It’s the people who are explaining the analysts’ work that leave all that out, probably because americans tend to have the attention span of a rabid barn swallow, so you don’t want to bore them with too much detail.
