There's Little Reason to Hunt for Fresh Oil in 2020

Ever since the first major oil fields were discovered at the start of the 20th century, the world has been on a never-ending hunt to see where else black gold might be hiding. Monetizing seepage areas goes back even further. But with global oil demand having dissipated on account of the pandemic, there’s little reason to spend cash on additional procurement.

Combine that with the green movement doing everything it can to convince governments there’s only one ethical way to handle energy, and we’re likely to be moving into an era where fossil fuels sell for less but cost more to harvest/utilize thanks to carbon emission regulations.

This has left oil companies pondering the true value of seeking new sources of oil, with some having already decided there’s no point.

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Global Oil Producers to Hold Emergency Meetings This Week

The world’s largest oil producers are meeting this week for negotiations aimed at saving the energy sector a lot of hardship further down the road. That includes the Organization of the Petroleum Exporting Countries (OPEC), which has been at odds with itself more than usual of late. Hampered by dwindling demand, member countries are suffering and aren’t sure what’s to be done about last month’s price plunge and surplus of crude.

During the cartel’s last meeting, Russia declined to collaborate with OPEC’s planned production cuts. This sent Saudi Arabia into a furious tizzy; it quickly attempted to flood the market with bargain oil in an attempt to drive out lesser players. Like everything else, this was further complicated by the global pandemic. The coronavirus has suppressed oil use to a point where suppliers are growing concerned about storage capacity running out.

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OPEC Infighting and Coronavirus Adds Up to Affordable Gas

With the coronavirus keeping people indoors and shale drilling keeping U.S. oil prices relatively stable, you’ve probably noticed gasoline bills being quite reasonable of late. Well, don’t get used to the sums you’re paying now, as analysts project fuel prices will drop even lower as 2020 progresses. While you might think this is due to national quarantines and lessened demand, you’d only be half right.

Last week, the Organization of the Petroleum Exporting Countries (OPEC) failed to strike a deal that would have enacted production cuts to better stabilize the market. Instead of slashing output, Saudi Arabia started slashing prices as it sought ways to ramp up production. Russia immediately responded by promising to increase its own output, leading to what looks like an all-out price war.

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  • THX1136 That's so cool. This one is close to what I had accumulated with the 84 Shelby Charger I owned. Since it only had a 5 digit odo no one would know it had over 406k. I kept track of everyplace it turned over with only 2 still lodged in my 71 yo brain. If I had taken care of it cosmetically as well as I did mechanically I still think I could have gotten to 500k which was a goal I set for myself. The Toyota mentioned is quite impressive at over 900k. Thanks for the write up, Murilee!
  • Kwik_Shift_Pro4X Nice to see. I like the Top 10 list and seeing "80s Mercedes" within.
  • Redapple2 jeffbut they (gm) dont want to ... their (gm ) pick up is 4th behind ford/ram, Toyota. GM has the Best engineers in the world. (gm has )More truck profit than the other 3 (manufacturers (ford, ram , toyota)). (The combined sales of ) Silverado + Sierra+ Tahoe + Yukon sales = (yields ) 2x ford total (profit from trucks) @ $15,000 profit per. (therefore gm has )Tons of $ (money ) to invest in the BEST truck. No. They make crap. Garbage. Evil gm Vampire. (expound / corrections )
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  • ToolGuy This thing here is interesting.For example, I can select "Historical" and "EV stock" and "Cars" and "USA" and see how many BEVs and PHEVs were on U.S. roads from 2010 to 2023."EV stock share" is also interesting. Or perhaps you prefer "EV sales share".If you are in the U.S., whatever you do, do not select "World" in the 'Region' dropdown. It might blow your small insular mind. 😉