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IDemo

(16,926 posts)

10. $200/barrel equals demand destruction

Reply to cthulu2016 (Original post)

Thu Mar 15, 2012, 09:27 AM

Mar 2012

$500/barrel is an utterly laughable proposition. Nothing resembling the current economic system would support such a price level. Petroleum products would become a boutique item long before such a price were seen.

"The economists all think that if you show up at the cashier's cage with enough currency, God will put more oil in ground." - Kenneth S. Deffeyes

Oil: In perpetuity no more

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The size of the oil supply depends on the price (and visa-versa) [View all] cthulu2016 Mar 2012 OP

Something about North Dakota oil, elleng Mar 2012 #1

Thanks. Note that in that description cthulu2016 Mar 2012 #2

Right, does not refer to cost, elleng Mar 2012 #3

I'm almost positive Newt claimed 500 billion barrels. bluedigger Mar 2012 #4

"it would already be being pumped" napoleon_in_rags Mar 2012 #5

Well, oil prices are cthulu2016 Mar 2012 #6

Spam deleted by OKNancy (MIR Team) vanessa0 Mar 2012 #7

Demand can be artificially increased with hording oil like trading companies did in 2008 uponit7771 Mar 2012 #8

That misses the fundamental dynamic. napoleon_in_rags Mar 2012 #11

Around $40 costs of a barrel is speculation after the laws governing commodities were deregulated. mmonk Mar 2012 #9

$200/barrel equals demand destruction IDemo Mar 2012 #10