The Oil Bulls Betting On $150 Crude

Comments

• Victor Edwards - 11th Jul 2020 at 2:36pm:
  Perhaps. But by then no one will be using oil products. EVs are going to render oil obsolete, and it is coming a whole lot faster than Big Oil wants to admit.
• Bill Simpson - 12th Jul 2020 at 7:45am:
  It might hit $100, but I doubt it will hit $150 before close to 2030. Too many electric cars will begin replacing the ICE ones by 2025, and air travel will remain depressed for several more years due to COVID-19.
  More people working from home, and millions more unemployed, will reduce the demand for gasoline in the USA. As soon as the government money give away stops, and it will after the November election, the economy will begin to shrink from lack of demand. That will reduce the demand for fuel some more, as will less globalization. Another Great Depression can't be ruled out, since debt is at record high levels which is bad for growth.
• Bob Forbes - 14th Jul 2020 at 12:03am:
  Except that even more oil will be needed at the power station to charge the expensive inefficient short range electric toy cars since renewable energy costs more to maintain than it actually produces, is unstable, inefficient, unreliable most of the time and only can contribute a microscopic amount of energy. Did they tell you about the millions of tons of toxic waste from spent batteries destined for landfill one day when they expire or the forced child labour used to mine and extract the rare earth metals being used in permanent magnet motors and generators. Let’s not mention the millions of acres of land being swallowed up by solar or wind farms displacing wildlife from their homes, land which could have been farmed for much needed food or the massive carbon footprint created by burning of marine diesel by the ships engines and generators or the being used to transport the components and parts all over the world for these eyesores. While a green politician smiles and his daughter plays with her dolls, somewhere on the other side of the world a child cries in fear and robbed of its childhood knowing he or she will wake up to a 15 hour day of hard labour down a hot unventilated mine with no PPE using polluting diesel driven tools. How dare they rob that child of its childhood. How dare they. Oil is here to stay, the evil truth behind renewables will be heard one day.
• Bob Forbes - 14th Jul 2020 at 12:11am:
  That’s correct, nobody will be using oil. Everything will be made from wood and stone, we will hunt and scavenge for our food, and live exactly they way humans lived before oil. Freeze to death and have a very short lifespan. Oh and the computer you typed that comment on won’t exist either. Smoke signals, yodelling and feather capped boys carrying scrolled messages on horses was how they communicated back then.
• James Fraley - 14th Jul 2020 at 2:49pm:
  The price will hit 200.00 after the fake pandemic. Now they caused a even bigger problem. I don't think they have a clue what their doing to the economy. Big rebound on the way.
• Amit Raina - 15th Jul 2020 at 2:24am:
  The old rule of forecasting was to make as many forecasts as possible and publicise the ones you got right. The new rule is to forecast so far in the future, no one will know you got it wrong.
• Tony Colioni - 15th Jul 2020 at 7:13pm:
  We are 5 to 8 real years away from the average person buying into all electric..Oil will still survive. With any shortage or disruptions we could see the 100 to 150 dollar per barrel. With a war this is game changer.
• Jimmy Witts - 18th Jul 2020 at 6:26pm:
  For people that keep promoting EV as the end of oil, you are all wrong. The energy consumption is moving from the tail pipe to the electric station stack. Population growth will drive the consumption of petrochemicals. Due lack of investment in the O&G industry will drive prices over $100 in the near future. Watch and learn you folks that believe the fossil fuels are over but you use it every day. Just a bunch of hypocrites.