Saudi Arabia to lower oil prices, the houston boom is over

I do think we are at the breakpoint of the carbon economy, the worldwide trend will be toward renewables as the public perception of climate change comes to the forefront and energy companies quit their lobbying and PR campaigns to obfuscate the facts of the effects and their complicity. But 100 years of infrastructure isn't going away quickly, we have maybe 20 years more of dependency and another 20 of transition after that. (numbers from out of my ass). There is probably no good replacement for the energy density and portability of oil and gas for transportation on the horizon. I'd assume trucks and ships will be burning oil 50 years from now. I'd assume we will be burning gas for electricity for 50 years.

So it's not like Houston and O&G are going away. We have had a couple of booms and busts just in my lifetime.

 

I am no expert in any of this, but I do work for a power generation company (albeit in a support role) and I'd assume even longer for natural gas burning powergen.

About 40% (and growing) of US output (mWh) is from natural gas fired turbines and they are becoming even more efficient. Coal and Nuclear should continue should see a slow but steady decline IMO as they have been doing and I would expect renewables to continue to take over some of that market share.

If I were to guess, in 50 years I'd say 50% natural gas, 20% wind and other renewables, 15% coal, 15% other

 

Petroleum is one of the most energy dense materials we have. I am not sure it is going away. At least for houston's sake I hope it doesn't.

 

I don't think it would be going way since its so cheap right now there's not a lot of incentive to go to an alternative even with the Paris accords. It's interesting how oil effects other things such as recycling plants since its cheaper now to make new plastic than it is to recycle.

 

Bring on Solar - let's get off the crappy Middle' East's teets.

DD

 

i think people would be blown away if you could even just a glimpse at things in 50 years.

in my opinion wind and solar etc etc will be a LOT higher than 20% by that time.

 

KBR being hit up

 

BP Laying off another 4k jobs.

And last I checked oil was down to $30.29 (WTI). That psychological breaking point will probably hit some time this week (sub 30's). See what happens then.

Ironically, I'm in the midst of trying to change jobs, and probably heading to another energy company. Tried getting out, but couldn't find an accounting job at a non-energy place. But, pay and hours should be better and if I get lucky enough to be there on the rebound, it could be a good thing financially.

Company I'm at just let go some executives and are basically shutting down half of their operations, so it can't be worse than that.

 

They could have been a coal company.


Arch Coal files for bankruptcy protection
http://trib.com/business/energy/arc...cle_5d71b417-9e59-50b4-b3f1-e063c0a5a611.html

 

Welp, it fell below 30 bucks today but came up a little. Crazy how it has fallen. Hope all in the O & G are ok

 

Welcome to the Jungle

Watch it bring you to your knnnn knnnnn knnnn knnnnn knnn knn knees

 

Ready for the House prices to drop some more....after being so inflated.

 

If oil stays at 30 dollars only the middle east countries will make money. Productions costs are too high in the rest of the world. I think saudi is going to win. Once all investors have lost their shirts saudi will turn up the prices and the investors who have lost everything will be too scared to invest again.

 

NOW there's an issue.

 

I've been hearing this for two years, but my property taxes keep going up. I'm ready for this supposed price drop.

 

at what point do the saudis start losing money?

 

When all of the oil is gone?

 

"Saudi Arabia is running out of money."

http://money.cnn.com/2016/01/05/news/economy/saudi-arabia-oil-budget-gas/

 

Omg! Their citizens are now having to pay $1.20 a gallon instead of $.60!

The beggars will be growing in numbers

 

The Saudis cost to produce a barrel of oil is around $10-20. What can start to hurt them besides that is that their people might start rebelling like the rest of the middle east once the perks stop flowing in because they can't afford to fund them anymore. It's been pretty quiet there since most are living really well thanks to the oil revenue perks.