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Ah, I see why gas went up in prices now. It looks to me OPEC has always been making decisions that negatively affect the US/Western economy? Or maybe only the

Ah, I see why gas went up in prices now. It looks to me OPEC has always been making decisions that negatively affect the US/Western economy? Or maybe only the bad news get the attention? Anyway, oil and gas should just die out. This is literally monopolistic behaviors.

selivanovp 4y ago
If you haven’t noticed, for a year already USA and EU are trying to create a buyers cartel and force oil/gas producing countries to sell them their product for the money USA and EU dictates.
- albertopv 4y ago
  Something that didn't exist before Russia invasion of another european country. It's just self defense, while OPEC made hundreds of billions last two years. OPEC is de facto supporting Russia. The sooner we ditch oil and gas, the better.
  - selivanovp 4y ago
    [flagged]
- dogma1138 4y ago
  That isn’t true and even if it was there is nothing wrong with that.
qeternity 4y ago
> Ah, I see why gas went up in prices now. They literally just announced. Markets aren't even open. I highly doubt pump prices have reacted to this.
- coliveira 4y ago
  Powerful market participants have their own way to see where things are going and act accordingly. I wouldn't be surprised if some traders knew this decision was coming.
- jdkee 4y ago
  WTI is up 7.5% in the past hour. See https://tradingeconomics.com/commodity/crude-oil https://tradingeconomics.com/commodity/crude-oil
Syonyk 4y ago
> It looks to me OPEC has always been making decisions that negatively affect the US/Western economy? Or maybe only the bad news get the attention? You seem to forget here that the OPEC countries have their own goals, their own motives, and their own ability to influence world events. They don't exist purely as puppet states to pump cheap oil for America, as much as they are often portrayed that way in the western press. > Anyway, oil and gas should just die out. This is literally monopolistic behaviors. Yeah. Well, monopolies gonna monopoly. They're not really a monopoly, but they're a major producer in a globally fungible product with insanely inelastic demand. So, yes, they can swing the prices to their benefit. "Should just die out," sure, and you're going to replace that energy with what, exactly? Go look at the percentage of global energy supplied by renewables and nuclear, include hydro, it doesn't matter. Apply whatever correction factors you want for the efficiency difference between electric transportation and combustion based (you gain a bunch on the ground, not nearly so much in the air), and then realize just how much of that energy is delivered as thermal energy where you don't get to gain much by going to electric. You can gain some for low grade heat with heat pumps, but process heat and such, not any time soon. Of course, that nobody is willing to even consider "using radically less energy" as a solution indicates how likely we are to actually find solutions. I deal with renewable energy regularly (my office is a purely standalone, off grid system, I work in there year round), and I very much have to adapt my energy use to that which is locally available - which means, on cold, dark winter days, I'm more than a bit bundled up. And even with 5kW of panels hung for a small space, I still rely on fossil backup energy (a small generator or a propane heater) for some of the winter inversion weeks, because 100W coming in off 5kW of panel (and no wind, either) isn't enough to warm the space and run my limited winter computing needs.
- Gwypaas 4y ago
  > Go look at the percentage of global energy supplied by renewables and nuclear, include hydro, it doesn't matter. You must differentiate between primary energy usage and what an electrified future entails. An ICE car is 20% efficient and does not have regenerative braking. Coal power plants sit at ~30%, topping out at 40% if using supercritical steam. For example, electrified transports will increase the grid demand by ~15-30% according to most studies. Looking at heating with fossil compared to heat pumps, the difference is 1.5 - 5x depending on temperature.
11235813213455 4y ago
or more importantly because it changes the climate
postsantum 4y ago
You are being primed for supporting NOPEC [1]. All these talks about monopolies and "stopping plastic" are aimed at reducing prices, that's why Saudis are worried and turning to China [1] https://en.wikipedia.org/wiki/No_Oil_Producing_and_Exporting_Cartels_Act https://en.wikipedia.org/wiki/No_Oil_Producing_and_Exporting...
akira2501 4y ago
The US is capable of producing enough oil to be a net exporter. The US and the OPEC react to each other and all the other players and parts of the market. You can also always just read OPEC's own public assessment of their actions through their own Monthly Oil Market Report to get the fuller view [1]. This is cartel behavior over a limited resource that's in high demand. Oil and gas will die out when demand is reliably met through other sources. [1]: https://momr.opec.org/pdf-download/ https://momr.opec.org/pdf-download/
coliveira 4y ago
OPEC countries make decisions based on their interests. If the price of oil is going down, their interest is to cut production.
jacooper 4y ago
These countries don't exist to serve the west, they serve themselves. Quit this weird privileged world view.

selivanovp 4y ago

If you haven’t noticed, for a year already USA and EU are trying to create a buyers cartel and force oil/gas producing countries to sell them their product for the money USA and EU dictates.

albertopv 4y ago
Something that didn't exist before Russia invasion of another european country. It's just self defense, while OPEC made hundreds of billions last two years. OPEC is de facto supporting Russia. The sooner we ditch oil and gas, the better.
- selivanovp 4y ago
  [flagged]
dogma1138 4y ago
That isn’t true and even if it was there is nothing wrong with that.

qeternity 4y ago

> Ah, I see why gas went up in prices now. They literally just announced. Markets aren't even open. I highly doubt pump prices have reacted to this.

coliveira 4y ago
Powerful market participants have their own way to see where things are going and act accordingly. I wouldn't be surprised if some traders knew this decision was coming.
jdkee 4y ago
WTI is up 7.5% in the past hour. See https://tradingeconomics.com/commodity/crude-oil https://tradingeconomics.com/commodity/crude-oil

Syonyk 4y ago

> It looks to me OPEC has always been making decisions that negatively affect the US/Western economy? Or maybe only the bad news get the attention? You seem to forget here that the OPEC countries have their own goals, their own motives, and their own ability to influence world events. They don't exist purely as puppet states to pump cheap oil for America, as much as they are often portrayed that way in the western press. > Anyway, oil and gas should just die out. This is literally monopolistic behaviors. Yeah. Well, monopolies gonna monopoly. They're not really a monopoly, but they're a major producer in a globally fungible product with insanely inelastic demand. So, yes, they can swing the prices to their benefit. "Should just die out," sure, and you're going to replace that energy with what, exactly? Go look at the percentage of global energy supplied by renewables and nuclear, include hydro, it doesn't matter. Apply whatever correction factors you want for the efficiency difference between electric transportation and combustion based (you gain a bunch on the ground, not nearly so much in the air), and then realize just how much of that energy is delivered as thermal energy where you don't get to gain much by going to electric. You can gain some for low grade heat with heat pumps, but process heat and such, not any time soon. Of course, that nobody is willing to even consider "using radically less energy" as a solution indicates how likely we are to actually find solutions. I deal with renewable energy regularly (my office is a purely standalone, off grid system, I work in there year round), and I very much have to adapt my energy use to that which is locally available - which means, on cold, dark winter days, I'm more than a bit bundled up. And even with 5kW of panels hung for a small space, I still rely on fossil backup energy (a small generator or a propane heater) for some of the winter inversion weeks, because 100W coming in off 5kW of panel (and no wind, either) isn't enough to warm the space and run my limited winter computing needs.

Gwypaas 4y ago
> Go look at the percentage of global energy supplied by renewables and nuclear, include hydro, it doesn't matter. You must differentiate between primary energy usage and what an electrified future entails. An ICE car is 20% efficient and does not have regenerative braking. Coal power plants sit at ~30%, topping out at 40% if using supercritical steam. For example, electrified transports will increase the grid demand by ~15-30% according to most studies. Looking at heating with fossil compared to heat pumps, the difference is 1.5 - 5x depending on temperature.

11235813213455 4y ago

or more importantly because it changes the climate

postsantum 4y ago

You are being primed for supporting NOPEC [1]. All these talks about monopolies and "stopping plastic" are aimed at reducing prices, that's why Saudis are worried and turning to China [1] https://en.wikipedia.org/wiki/No_Oil_Producing_and_Exporting_Cartels_Act https://en.wikipedia.org/wiki/No_Oil_Producing_and_Exporting...

akira2501 4y ago

The US is capable of producing enough oil to be a net exporter. The US and the OPEC react to each other and all the other players and parts of the market. You can also always just read OPEC's own public assessment of their actions through their own Monthly Oil Market Report to get the fuller view [1]. This is cartel behavior over a limited resource that's in high demand. Oil and gas will die out when demand is reliably met through other sources. [1]: https://momr.opec.org/pdf-download/ https://momr.opec.org/pdf-download/

coliveira 4y ago

OPEC countries make decisions based on their interests. If the price of oil is going down, their interest is to cut production.

jacooper 4y ago

These countries don't exist to serve the west, they serve themselves. Quit this weird privileged world view.