In the light of the developing global oil war launched by Saudi Arabia, it’s interesting to look at the oil price dynamics in the previous years.
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Americunts are fucked:
US CAUGHT IN A SAUDI SINKHOLE
Across the United States, up to 240,000 oil-related jobs will be lost this year, and never to be refilled, about a third of the onshore and offshore oilfield workforce, estimates consultancy Rystad Energy.
The U.S. oil boom died on March 6, the day Saudi Arabia in its infinite miscalculation took on Russia and ended a four-year pact that curbed output and gave shale a price umbrella. Shale firms have accrued hefty debt during the years of expansion, leaving them exposed to the price crash that followed.
In March, U.S. oil future stumbled to $20 a barrel, a third of the January price and less than half what many require to cover production costs. The March drop led dozens of shale producers to cut spending and several retained debt advisors and then the situation hit rock bottom as the coronavirus dealth a double whammy to the struggling US economy hurtling towards the abyss with massive unemployment and astronomical government and private debt.
And the Alberta rednecks will be next. I feel bad for alot of them, but they knew going out there ,that it was a boom bust cycle. Out of my college class , I and 2 others stayed east, all the rest went west to Alberta.
Im glad i stayed now, even though that was a tough slog for 12 years.
Yes, you and I had that discussion before and agreed. The Alberta toxic tarsands are simply a disaster for Canada and the world. Now that we have seen that just a weeks of less pollution clears the atmosphere, the insane rational for these toxic and energy consuming tarsands and shale must be shut down. When I was working in Fort Mac, the bastards were injecting millions of gallons of hot water steam mixed with cyanide and other chemicals to break down the frozen tar. All the first nations water was contaminated including the Saskatchewan, and the Athabasca river systems and ancient boreal forests were being chopped down at 10 hectares a day. The water was contaminated that the birds flying over tailing effuent ponds would drop dead, imagine the consequences for humans. The First Nations had the highest cancer rates from Grand Prairie to Cold Lake. It was literally rape and pillage of the land, just for profit.
Yeah bunch of pirates is what we are.
But you know what? I would rather buy redneck alberta oil than crypto jew saudi oil.
Its a complicated mess, just like life, a series of mistakes and unforseen consequences.