My favorite news organization, the Christian Science Monitor, has a great piece up about how oil is really at a turning point.
Even if the nearly 200 nations that negotiated the United Nations climate change agreement last December don’t meet their emissions-reducing commitments, they’re still worried about global warming and pollution. Major oil-consuming nations have policies in place to reduce their dependency on fossil fuels. Other pressures are building.
In five years, a fossil fuel divestment movement on a few college campuses has spread worldwide, with 518 organizations worth $3.4 trillion agreeing to sell off their coal, oil, and natural gas investments. These groups include the Rockefeller Brothers Fund, heirs to the Standard Oil fortune, and the sovereign wealth fund of Norway, a top 20 oil producer. Even Saudi Arabia is moving to sell a portion of its state-owned oil company, Saudi Aramco, and diversify its economy.
One need only look at what's going in Venezuela to see what happens when you rely on oil these days. Man, I love the free market. Oh yeah....I also love this...
If the world is producing more oil, why are gas prices going up?
Production is growing, but world demand, fueled by low gasoline prices, is growing even more. As a result, the oil glut is shrinking. By the end of the year, and perhaps as early as next quarter, production worldwide could fall below world demand. That would be the first time that’s happened since 2013.
Hmm...:)
No comments:
Post a Comment