im hopeful it hits $300
Then why did they make themselves so dependent on oil? We have alternatives but decided to be lazy. Aesop’s fable
Idk man but my car runs on electric
Any time someone suggests “lazy” or “stupid” as a hypothesis to absolutely anything, it means they don’t understand something very important.
Fair enough, I blame conservatism
Any time someone suggests “lazy” or “stupid” as a hypothesis to absolutely anything, it means they don’t understand something very important.
Really ? like these “idiots” ?
https://www.youtube.com/watch?v=rXfFACs24zU
“Maybe we’re sufficiently stupid that we won’t exist beyond this century” - Professor Brian Cox
“Greed and stupidity are what will end the human race” - Stephen Hawking
That’s not how it works unless oil production gets nationalized. Oil produced locally is sold on the global market, literally the very reason it could hit the hypothetical $200 a barrel. The oil production would have to be nationalized in order to restrict the supply to the local market, then you’d pay prices based on whatever the local market would pay.
People think oil producing country/state are spared from capitalist greed are really naive. If oil hit $200 per barrel the oil company will still sell their oil and fuel in market price.
Yeah the people selling it want one thing only - the highest profit possible. If elsewhere is paying more thats where they’ll sell it. The countries that are producing it might make some savings based on transportation and shit, but they’ll be paying the same or they wont be getting it.
(The few) Places that regulate and tax extraction properly, or state own it should capture a decent amount into their tax base. In principle that can be used to compensate the people in various ways.
It’ll still impact the price of anything that’s imported/exported, since the shipping costs will go up.
This article doesn’t mention Alberta nor Texas a single time. Probably because the locale the raw materials are extracted doesn’t mean much to the price at the pump.
It’s not a small town market, it’s multinational corporations that take from one place and send to wherever they can profit the most. Everywhere is screwed, but not more specifically than the aggregate. Both Alberta and Texas have seen the same price increases as their respective nation, because neither place has farm to table oil.
Alberta vs Canada average fuel price
Texas vs United States average fuel price
Guess their respective government are getting a cut as taxes or royalties. Isn’t like these extra income is going to be used to help the needs of the population (correct me if I’m wrong in the case of Alberta). But their accounting sheets are going to be OK
To bad some countries keep shooting down sustainable energy alternative
It can hit £500/barrel and my bike will be just fine
It will be fine until you have to oil your chain. Then you’ll see!
Beeswax
It will be fine until your bees need an oil change.
Ahh, you got me there. Perhaps I should stock up
At that price the cost of fertilizer will be astronomical and cause a spike in food prices as farms become unprofitable unless prices go up an order of magnitude to keep up. The moment you bankrupt farms is the moment famine enters the chat.
It’s not an order of magnitude, lol.
Yeah, food will go up a bit but as almost all of the cost of living is housing it kinda makes everything else pretty minor in comparison.
It’ll affect prices on everything though, because of the transport costs skyrocketing.
Here we produce a lot of food locally, and for energy we mostly rely on renewables. It’s pretty good, we haven’t been affected as much by the oil and gas prices.
Are you saying you are a farmer and your equipment is electric?
Where do allotments fit in? Not exactly a farmer but I am growing food. Supplement it with a few sacks of grain and that is plenty to survive. Grain is cheap and even if it goes up 10x in cost it’s still going to be affordable
I just think that people don’t understand how oil is used for everything. Organic farming, plastics, fertilizer, lubricants, the list is endless. It will affect every part of your life, even if you live on the minimum necessary. The only way you aren’t being affected financially is if you live in an uncontacted tribe in the middle of the Amazonian rainforest where even loggers don’t go.
I am aware that some oil is in some way used for pretty much everything. But oil is also not the primary cost for almost anything. So double fuel costs won’t even double the cost of the product.
I would like to say I hope it will encourage people to seek more environmental options, but it happens every single time. Omg petrol is expensive we shouldn’t be so reliant on it. Oh its cheaper again now, lets not bother with those wind turbines because I don’t like the look of them.
The Gulf produces 20% of the worlds supply of fertilizers. It will have an impact on the global food production if the situation prolongs.
Isn’t it mainly Morocco which does so? They have a lot of phosphate.
Ammonia production which use an enormous amount of energy + also need hydrogen that mostly come from gas.
What does your agricultural machine run on?
Electricity, we’ve got electric tractors. For electricity charging we got it from solar, wind, water, and nuclear.
Water comes to my house in pipes. Food costs very little and transport is only a small part of that cost too. My house is already here so no transport required there.
The water in the pipes requires a lot of energy. Extraction, cleaning, pumping it around. It will get more expensive with higher energy prices.
Producing food requires a lot of energy. Tractors, harvesters, packaging plants, transport to supermarket. Energy prices will make your food more expensive.
Houses need heating, cooling, repairs.
The cost of almost everything almost everywhere will rise a lot very quickly in the coming months if this mess keeps getting messier (and it is). Fossil fuels and the price of it are deeply embedded in every aspect of life.
All those things are pocket change compared to the cost of housing with rent/mortgage. Fix the mortgage rate and life is easy. If anything inflation is eating away my debt nicely. Now its easy to pay it even on UK minimum wage.
Honestly we might see greater adoption of EVs because of this.
Not really. A new car is far too expensive to buy when compared to a few dollars more at the pump.
collectively, many new cars are bought each year. about 16m in US.
2nding this. My wife was surprised we weren’t saving money on gas. Almost every time, a paid off car is cheaper than a new (or even moderately used) car.
Then get a used electric car. A year ago (before incentives ended), you could get a used tesla with a bunch of incentives on top of that
Oil peaked at $147.27 in July 2008; adjusted for inflation that’s $223.53 today.
Lehman Brothers went bankrupt 2 months after oil reached that record high.
Right, but was it a correlation or causation?
Let’s find out!
I’m sure it was just a coincidence. 🙂
