In multiple ways, we are seeing the end of the oil age.

Change is coming.

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[–] 71 points 3 months ago (35 children)

I find it kinda odd how this sounds like oil reserves running out will be really bad at some point. Yet also how absolutely nothing is being done to slow down usage. They are not even asking people to stop non essential journeys or to work from home where possible.

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  • [–] 49 points 3 months ago (6 children)

    Which, by the way, is THE ENTIRE FICKING POINT OF THE RESERVES IN THE FIRST PLACE

    for graceful demand destruction and rationing to take place before it runs out. Because if you don't do that everything breaks...

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  • [–] 28 points 3 months ago (1 child)

    Sure we ran out of corn, but then we realized we had all this seed corn for next season.

    The naysayers and sky is falling group told us “you can’t just eat your seed corn” but you should have seen the shocked look on those smarty pants faces when we easily turned the seed corn into breads and cakes and porridges.

    Poor fools seriously thought you couldn’t actually eat seed corn. Now we are having a lovely time with full bellies! They keep asking about what we will do when it comes time to plant, but that isn’t for months and we are hungry now.

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  • [–] 19 points 3 months ago (3 children)

    But that would require planning for the future. Those in charge of everything in the US haven't practiced that particular skill in years. Short term profits for the here and now > long term profits for the future. This is the inevitable result.

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  • [–] 10 points 3 months ago (2 children)

    Almost like they are intentionally sabotaging the nations institutions, like a domestic terrorist...

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  • [–] 3 points 3 months ago (1 child)

    I don't live in the US though and the same seems to be the case here. UK, I have seen absolutely no impact at all. No changes.

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  • [–] 3 points 3 months ago

    Would you rather:

    📈, then 💥💣🧨📉📉📉📉 but next quarter?

    Or

    ⛔🛢️⛔📉, then 📈?

    This is the brainrot emoji logic going through the brains of our leaders.

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  • [–] 15 points 3 months ago (8 children)

    I think the logic is that ridiculous gas prices will encourage people to reduce consumption on their own. But the reality is nobody really has a choice but to use at the same rate and simply pay, so the boosted fuel cost doesn't curb demand and is no different than the toilet paper profiteering during the pandemic. Either way, it's looking to be about time for the US to cut Iran a sweetheart deal to fix their colossal fuck up.

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  • [–] 11 points 3 months ago (3 children)

    There are things that can be done to curb demand without cutting travel itself, like lowering speed limits for fossil cars.

    But the right wing political machine runs on the opinion that stuff like that is all left-wing, and that right-wing means unlimited cheap gasoline.

    "Reality has a well-known liberal bias" and all that

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  • [–] 5 points 3 months ago (2 children)

    Higher gas prices should promote more conservative driving habits as well, but they don't. People don't drive the speed limits now, they won't slow down to save money, and they make automated enforcement a political liability, ensuring anyone who tries to rein them in gets the boot. Will sure be interesting if they completely run out, but just like the band continued to play while the Titanic went down, it's going to be business as usual here until reality slaps us in the face.

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  • [–] 5 points 3 months ago

    yeah cuz the lobby worked so well to fight trains in cities as well as cross country. i was working a job in a city 3 hours from my city for 6 months. i drove home on the weekends to have family time. i had to waste 6 hours of my weekend driving to and from instead of just hopping a train and taking a nap or reading piefed or just looking out the window enjoying the view.

    fuck the oil lobby. they ruined a lot of things that could have been great for us in the make of money.

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  • [–] 8 points 3 months ago (5 children)

    wait until the cult of vroom - the pavement princesses and motorheads whos trucks, race cars and hogs consume ridiculous amounts - have to put their toys away because their man trump, who hates them, but hates wind and decency more, decided he could figure out MIDEAST PEACE BY WAY OF BOMBS because he's so fuckin clever.

    fuck 'em, but unfortunately the hits to fertilizer and the poor will hurt a lot more than their bullshit.

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  • [–] 7 points 3 months ago (11 children)

    I mean, if you believe in capitalism as many of our dear leaders do, you wouldn't feel a need to "ask people" about limiting usage. As a product becomes more expensive, eventually people will naturally limit usage and purchase another cheaper product.

    Not saying that's correct or how it works but might explain the behavior.

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  • [–] 5 points 3 months ago

    The answer to this in capitalism is Keynesian economics. Raise tariffs to reduce demand and redistribute that money to everyone (through public works; lowering other taxes; universal basic income; or literally burning the money to reduce inflation and make people richer in proportion to their wealth).

    Unfortunately, the capitalism the US government subscribes to is centralization of wealth through insider trading on economic shocks. When those tanks run dry and there is an economic crisis, the white house will have the authority to respond to the crisis. It will communicate its planned response to favored investors, allowing them to make the right investments to profit off the crisis, while investors who don't have the white house's favor have to guess and will therefore end up transferring wealth to those with better information through the stock market.

    Elon Musk is a trillionaire because he has the white house's favor, and so insider trading on government policy has exploded his wealth. When these oil reserves run dry, the white house will choose some response, and whatever that response is the white house's clients will be in the right place at the right time to make a profit.

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  • [–] 27 points 3 months ago (1 child)
  • [–] 24 points 3 months ago (5 children)

    So what is trump doing with the billions of barrels of oil he's stealing from Venezuela a week? Where is all that oil going?

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  • [–] 28 points 3 months ago* (3 children)

    Powering AI Datacenters probably

    E: oh been on lemmy 3 years now, happy fuck spez day to me!

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  • [–] 12 points 3 months ago

    RASCOE: And people around the world are facing higher fuel prices and inflation because of the war in Iran. Could Venezuela help fill that gap? Like, does it have the capability to do that?

    VIGIL: If you take a step back and look at the global oil picture, what Venezuela is producing, which is just over a million barrels per day, is a very small amount of the global oil demand. So it's about 1%, even though for Venezuela, it is a lot. Like you mentioned earlier, it's a seven-year high. But because it is such a small amount, it's not going to meaningfully change the shortages because of the war in Iran.

    Before the war, 20 million barrels of oil passed daily through the Strait of Hormuz, the narrow waterway off Iran’s southern coast. That amount has plunged to “a trickle,” the I.E.A. said in its monthly report, since Iran warned that ships passing through were at risk of attack.

    I don't know exactly how much oil per day the Iran War has prevented, but it seems like Venezuela can't cover all the losses. The NPR article says most of their oil is going to the US and India if you're still curious about that.

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  • [–] 20 points 3 months ago (2 children)

    In 1912, Tom Slick (his real name) was passing through what’s now Drumright, Oklahoma, when he smelled oil. He bought the land for $1 an acre and started digging, uncovering what was then Oklahoma’s biggest oil well.

    It sounds implausible, but there really are stories like that everywhere out here in the west. You can’t make this shit up.

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  • [–] 20 points 3 months ago

    Yeah. After the middle of July the other shoe is going to drop. Meanwhile all the sock puppet trump supporters and troll farm accounts are jumping up and down about how much the per barrel cost of oil has dropped, nevermind that it’s still higher than it was before trump started his war.

    As global commercial and strategic oil reserves continue to be depleted—and the Strait of Hormuz in the Middle East remains effectively closed—the fear is it’s just a matter of time before resilient energy markets finally begin to “panic” and fuel prices soar more uncontrollably, whether that’s in July or August, said Patrick De Haan, head of petroleum analysis at GasBuddy.

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  • [–] 20 points 3 months ago (1 child)

    But we sure can't have solar or offsore wind or anything else to help produce energy because fuck everyone except th fucking oligarchs.

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  • [–] 5 points 3 months ago

    Oh we're definitely getting solar. Even with all the red tape around its installation and tax money spent oil subsidies, it's getting to be so cheap that few of the roadblocks matter. There is very little even the oligarchs can do at this point to stop it's adoption.

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  • [–] 8 points 3 months ago
    [–] 7 points 3 months ago

    Can't wait to see what will happen when oil runs out and there's been no preparation.

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  • [–] 6 points 3 months ago (5 children)

    Can we just fucking collapse already this doom is ever imminent thing is too much for me.

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  • [–] 9 points 3 months ago

    funny enough, this hand-grenade to the world petroleum foundation may be the thing society needs to realize IT'S FUCKING TIME TO FIGURE OUT GRID SCALE 100% WIND, SOLAR AND BATTERIES on a scale that even China didn't anticipate.

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  • [–] 6 points 3 months ago
    [–] 5 points 3 months ago (2 children)

    Would have never believed that those tanks are open and not enclosed.

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  • [–] 3 points 3 months ago (1 child)

    fitting name, cushing is name of a disease as well.

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