[Vermilion Villager]

Originally Posted by Dusty_Star

No, the way you control it is to produce more of it.

So what you're saying is if the US produces more oil then the price will go down. What is your answer for when the Saudis cut production to offset that increase in US production?

[tuccillo]

What argument are you referring to? You exaggerated and I corrected you. Go reread my post. Demand for gas and diesel will be strong for the next 20 years (maybe more), but diminishing slowly with time. There are currently 1.4 billion cars and trucks and 89 million cars and trucks are manufactured each year and their average lifespan is probably about 20 years. Yes, several companies have been working on solid state batteries. What really matters is what can be produced at scale. It is very doubtful you will see solid state batteries produced at scale in 2025 - perhaps more like 2030 or a bit later. We will, however, continue to see several different chemistries in lithium-ion batteries (NMC, LFP, NCA) produced at scale for the next several years (led by CATL, Tesla/Panasonic, and LG). More facts (or what you call arguments), I know you don't like that.

EVS POWERED BY ALL SOLID STATE BATTERIES - STILL 10 YEARS AWAY FROM MASS PRODUCTION, SAYS STOREDOT

Solid State Battery Tech For EV Cars: Challenges Lie Ahead

Originally Posted by Vermilion Villager

And I know people like to get hung up on the minutia when they're losing an argument. For the sake of that, OK....we'll use your numbers. If demand for that 45% was cut by half, then it would have an effect not only on that 45% but also the 55% that is used for other oil based products. Use me for an example… I pay $0 directly to the oil industry for my transportation, and it takes less total energy consumption for my electric vehicle to go 100 miles than my other car which is a gasoline powered Prius that gets almost 60 mpg. Toyota announced that they have over 1000 patents on battery technology that will replace lithium ion, and are going to roll out a solid state battery (what NASA uses in space) powered vehicle in 2025 that they claim will go 700 miles on a charge and be able to be recharged in 20 minutes. Up in Minnesota one of the large gasoline station chains is already starting to put in islands for EV charging. The handwriting is on the wall.

[tuccillo]

No, it doesn't work that way. Oil is a global commodity and we use about 20% of the world's oil. OPEC has a long history of controlling oil prices by changing production. If demand falls production will decrease which will stabilize prices. Oil in the US is relatively expensive to produce. Production in the US may drop as a result of any falling prices, which will also work to shore up prices.

Originally Posted by jimjamuser

Reducing oil demand by buying e-vehicles and the price of a barrel of oil will drop.

[Haggar]

Originally Posted by Dusty_Star

No, the way you control it is to produce more of it.

To all that think the solution is just produce more If you read the Wall St Journal you would read that oil companies have declined to invest in new oil drilling and have stopped shale oil recovery because they believe that is not in the best interest of their shareholders. They would rather increase dividends and do buybacks.

How do you increase production in the USA with this approach by the oil companies?

[Haggar]

Originally Posted by Andyb

All could have been avoided by staying energy independent and not shutting down the Alaskan pipeline. Does not get any more simpler than that. We were there 2 years ago. Wonder what changed?

The Alaskan pipeline is going strong. It celebrated it's 45 year anniversary in 2022.

Are you thinking of the Keystone XL Pipeline Extension which was stopped? This pipeline was built to carry the world's dirtiest fossil fuels - tar sands oil - from Canada which cannot be used in cars to refineries on the Gulf Coast of Texas chiefly for export.

The Keystone Pipeline System is operational and carries oil from Canada to refineries in Illinois, Texas and Oklahoma.

[kkingston57]

Originally Posted by billethkid

A novel thought?
Energy independence!!
Such an easy solution and readily available.

____________________________________________

Energy independence in a world economy, not going to happen. If oil in Texas can be sold out of the US, who are they going to sell it to?

[kkingston57]

Originally Posted by rsmurano

A few years ago we were energy independent and we will be again in the future. If we were energy independent, we wouldn’t care what OPEC does. Now we have to go begging our enemies for energy

Oil was, still is, and will continue to be sold on the world wide market. Even if the US could supply all the oil we need, highest bidder gets the oil. In order for the US to have and rely upon our own oil. there would need to be government mandates on price. Not going to happen.

[kkingston57]

Originally Posted by Dusty_Star

No, the way you control it is to produce more of it.

Producing more is NOT good for oil companies since an increase in production will lessen demand for oil and the price will drop.

[gmnirr]

Originally Posted by RICH1

Will this cause Inflation or Recession? Are the Saudis playing with fire? Will the United States finally support the Venezuelan Government and import oil? Will Powell follow other Countries and Stop raising interest rates?

Didn't we do that under Trump ?

[Bay Kid]

If you can grow your own vegetables why would you buy them from another country?