Oil tumbles more than 9 percent, breaks below $100 as recession fears mount

a reply to: putnam6

We are chopping off an industry at its knees when we desperately need it.

There's this thing called "competition", it's apparently one of the founding principles of market based capitalism.

Big oil has held the country and the economy hostage for too long. Now there's competition from renewables. Big oil will need to innovate or go the way of the dinosaurs.

I don't know about you, but being able to live off grid using wind, solar and biofuels, and still have all of the comforts of a suburban on grid lifestyle, is pretty sweet.

I don't want to pay big oil one cent more than I absolutely have to.

a reply to: putnam6

ATSers thought would happen if Biden were allowed to be President?

That's great, except that this is a global problem, the Europeans and Asians are having the same trouble without Biden.

a reply to: AaarghZombies

I would bet a pay check that renewables as tech stands now will never replace petroleum because they are a better option the only way that could happen is the govt interferes in the market.

They have no way to handle sudden surges in demand, and with the idiotic mandates for EV battery tech is going to be focused there since its a faster profit. So storage capacity will not be in place in my lifetime at least to handle a demand increase.

Renewables should be used as a supplement right now not a primary because the tech doesnt exist and getting rid of something that can handle changes in demand before the tech has caught up is a complete failure in basic logical thought.

originally posted by: AugustusMasonicus

originally posted by: greendust
I suppose you are right, but it does depend on if people can have solid employment.

There is a worker shortage right now by several million, it's an employee's market.

hence the open borders.


it's a good time to be illegal in the us.

10.5.2022

GET READY FOR ANOTHER INFLATION WAVE TO ARRIVE IN U.S. STORES and at the GAS Pumps.

The economic data coming in the past week is in alignment with prior forecasts.

Bottom line, energy driven inflation has collapsed consumer spending, inventories climbing, vendors are cancelling orders, and this is peak season for transpacific shipping- which has now recorded the most rapid drop in history.

A single transpacific container shipment cost $19,000 in 2021, then $14,500 in 2022 as the intentional slowdown began. Now it’s only $3,900 as entire fleets of cargo shipments are cancelled due to lack of demand by U.S. purchasers.

Folks, get ready…. because it’s not going to get better. Prior farm costs, an outcome of energy price increases, are now reaching the supply chain. Food costs will continue increasing throughout the holiday season.

Source:
theconservativetreehouse.com... er-spending-collapses/

FYI -- Milk shortages are causing butter shortages and price hikes, also.
Info here: nypost.com...

The Above is NOT caused by Vladimir Putin, as President Biden keeps saying. Correct?