how is it OPEC is flooding the world market w\ oil?
I've heard various reports of OPEC flooding the market with oil and that's why the price of oil dropped but I just don't buy that copout. I know the Americas have amped up their production of oil by increase in drilling and advanced technology along with more attention being paid to exploration. The result is more oil on the world market with the US naively believing in energy independence yet they won't do it.
Middle Eastern and Russian oil will remain on the world market regardless. So why is it one oil entity is expected to cut production because of another market expansion, their competitor? It's obvious they do not want to hurt their production by decreasing it and why should they? Why are they being blamed when it's obvious market volitility had its origins in increase production in the Americas?
Maybe they are concerned with the proliferation of electric vehicles and rooftop solar panels, both of which reduce our dependency on Saudi/OPEC oil. The only way the Saudis can compete is to make their oil less expensive than any alternative, and the only way they can make it less expensive is to produce more of it.
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The mere fact that science may not yet adequately explain an object, event, or experience does not mean the immediate explanation should automatically default to a conspiratorial, extraterrestrial, paranormal, or supernatural cause.
Most of American imports come from Canada, those Moose riding Maple syrup Sheiks. Next would be Mexico.
It is not a flood, it is a lack of demand. World economic slowdown for the rest of your life, and Nippon Inc. making cars that use less gas. The world is awash in mid level distillates, Diesel. Less ship, train, truck traffic.
Better gas mileage, and the war babies retiring, hipsters riding bikes, and electric cars that run on dirty coal.
Dirty pool, when Bush the Lesser took office oil was $13. Both China and India were going into growth spurts, so the market was fixed so that they were taxed, paying over $100 for oil.
Once growth peaked, the oil tanks remained full, the ships remained full, and storage near production remained full.
Stories of oil running out were lies, all of Canada up into the Arctic Ocean is oil bearing. Florida is all oil, we are just waiting for it to go under and clear title.
They are still producing because they are way into debt, to buy the future, and have to make payments. Other countries never developed any other economy, and they are in debt.
Gas is profitable to sell at $1 a gallon. They are still making excess profits.
The bottom of the oceans are pools of Hydrates, an endless supply of natural gas.
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