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The Global Effects of Falling [Oil Prices] - OPEC tentatively agreed to cut production

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    The EnderThe Ender Registered User regular
    edited April 2016
    I hope Venezuela learns from this and diversifies their economy. I'm not holding my breath though, they really seem to love having all their eggs in that one precariously-balanced basket, because they are laser focused on begging the other OPEC nations to cut production.

    As someone who grew-up in an oil province (Alberta):

    No, they won't. Oil is just too valuable & too easy to extract; it's like having a giant subterranean money bin. You can get away with being a a loudmouth populist idiot in charge of the government because there's so much free capital sloshing around (normally) that it's almost impossible for the economy to fail regardless of what you do - as a result, loudmouth idiots tend to be what floats to the top of power structures in crude extraction regions / companies.

    And even when, as happened in Alberta, hard times come and people decide that maybe they don't want the idiots in charge anymore? It's too late; the money bin has already been bored open & corrupted the system. It's too tempting for even a well intentioned & competent leader to decide that, hey, reaching in there just to patch-up a few holes right now can't hurt. Maybe we'll diversify tomorrow...

    The Ender on
    With Love and Courage
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    zakkielzakkiel Registered User regular
    Heffling wrote: »
    Cheap oil now just shows how much the global oil market has been manipulated for decades.

    I would say it's more about weak global growth with the end of the BRIC train. The price of other raw materials like copper has also collapsed.

    Account not recoverable. So long.
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    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    Venezuela is facing default later this year if prices don't go back up.

    That's... really bad.

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    XaquinXaquin Right behind you!Registered User regular
    they are!

    at least around here

    20c jump in 3 days

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    tinwhiskerstinwhiskers Registered User regular
    Venezuela is facing default later this year if prices don't go back up.

    That's... really bad.

    ehhh...

    Not saying its good. but it's just the cherry on top of the dysfunctional economy sunday. At this point them not defaulting would require some kind of alternate reality where 2-7=3

    6ylyzxlir2dz.png
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    EncEnc A Fool with Compassion Pronouns: He, Him, HisRegistered User regular
    Xaquin wrote: »
    they are!

    at least around here

    20c jump in 3 days

    Reason why: unknown.

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    DaimarDaimar A Million Feet Tall of Awesome Registered User regular
    usually a spike like that is right before a long weekend, guess they're getting fired up for the May long early this year.

    steam_sig.png
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    milskimilski Poyo! Registered User regular
    Venezuela is facing default later this year if prices don't go back up.

    That's... really bad.

    That ought to be really fun. Really, really fun.

    I ate an engineer
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    Mr KhanMr Khan Not Everyone WAHHHRegistered User regular
    I think the 20c jump is just the Kuwaiti oil strike cycling through the market. Or the summer ramp-up for gasoline specifically.

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    EncEnc A Fool with Compassion Pronouns: He, Him, HisRegistered User regular
    Counter argument: because the sinister WaWa, Racetrac, 7-11 consortium is colluding with Big Slurpee.

    ~flips chalk board to show massive complicated relationship chart~

    Yes, yes! IT ALL MAKES SENSE NOW!

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    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

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    PolaritiePolaritie Sleepy Registered User regular
    Oh. Holy shit.

    Yeah, that's awful. Hopefully that's contained quickly...

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    milskimilski Poyo! Registered User regular
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    I ate an engineer
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    PhyphorPhyphor Building Planet Busters Tasting FruitRegistered User regular
    edited May 2016
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    Pretty much. The fire is approx. 800 sq mi and has wiped out between 10-80% (depending the section) of the main oilsands city

    Phyphor on
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    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Sorry yeah that's what I meant.

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    jmcdonaldjmcdonald I voted, did you? DC(ish)Registered User regular
    edited May 2016
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    that's because M = thousand

    so MM = a thousand thousand, or one million.

    /end stupid abbreviations feedback

    jmcdonald on
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    PolaritiePolaritie Sleepy Registered User regular
    jmcdonald wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    that's because M = thousand

    so MM = a thousand thousand, or one million.

    /end stupid abbreviations feedback

    Yeah, that's a silly use of it though, as while it does mean a thousand in roman numerals... it's used everywhere for million (or 2^20) due to SI units.

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    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    Whatever though, aside from me being wrong everybody understands that I didn't mean that 1000 bpd were going offline

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    jmcdonaldjmcdonald I voted, did you? DC(ish)Registered User regular
    Polaritie wrote: »
    jmcdonald wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    that's because M = thousand

    so MM = a thousand thousand, or one million.

    /end stupid abbreviations feedback

    Yeah, that's a silly use of it though, as while it does mean a thousand in roman numerals... it's used everywhere for million (or 2^20) due to SI units.

    ehhhhhhhhh

    i think "everywhere" may be quite the overstatement.

    in my line of business (insurance) we use MM. or simply nothing, and state that the scale is millions.

    /really end stupid abbreviations diversion

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    ButtcleftButtcleft Registered User regular
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

  • Options
    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Wrong!

    Controlled burns are good for the environment. Wildfires are fucking awful.

  • Options
    The EnderThe Ender Registered User regular
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    With Love and Courage
  • Options
    PhyphorPhyphor Building Planet Busters Tasting FruitRegistered User regular
    The Ender wrote: »
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    Well presumably insurance will pay out, though any specializing in northern Alberta home insurance may have to fold after this...

  • Options
    PolaritiePolaritie Sleepy Registered User regular
    Phyphor wrote: »
    The Ender wrote: »
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    Well presumably insurance will pay out, though any specializing in northern Alberta home insurance may have to fold after this...

    It also sounded like the government was preparing to pay out a lot too to supplement that?

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    ButtcleftButtcleft Registered User regular
    Polaritie wrote: »
    Phyphor wrote: »
    The Ender wrote: »
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    Well presumably insurance will pay out, though any specializing in northern Alberta home insurance may have to fold after this...

    It also sounded like the government was preparing to pay out a lot too to supplement that?

    I don't understand why insurance just isn't a government service to begin with.

    Its something that people depend on at the worst moments of their life, and private for-profits have a rich woven history of fucking people over through a myriad of means.

  • Options
    Dis'Dis' Registered User regular
    Buttcleft wrote: »
    Polaritie wrote: »
    Phyphor wrote: »
    The Ender wrote: »
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    Well presumably insurance will pay out, though any specializing in northern Alberta home insurance may have to fold after this...

    It also sounded like the government was preparing to pay out a lot too to supplement that?

    I don't understand why insurance just isn't a government service to begin with.

    Its something that people depend on at the worst moments of their life, and private for-profits have a rich woven history of fucking people over through a myriad of means.

    Insurers evaluate risk then put their own money on the line, in theory a government insurer would have less incentive to accurately evaluate risk since it'll be the tax payers money on the line.

  • Options
    Mr KhanMr Khan Not Everyone WAHHHRegistered User regular
    Buttcleft wrote: »
    Polaritie wrote: »
    Phyphor wrote: »
    The Ender wrote: »
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    Well presumably insurance will pay out, though any specializing in northern Alberta home insurance may have to fold after this...

    It also sounded like the government was preparing to pay out a lot too to supplement that?

    I don't understand why insurance just isn't a government service to begin with.

    Its something that people depend on at the worst moments of their life, and private for-profits have a rich woven history of fucking people over through a myriad of means.

    The question is whether people not having skin in the game would cause more irrational behavior if the government was paying for it (although if the public insurance had a higher deductible than the private one it would discourage risky behavior just as well).

  • Options
    GoumindongGoumindong Registered User regular
    Dis' wrote: »
    Buttcleft wrote: »
    Polaritie wrote: »
    Phyphor wrote: »
    The Ender wrote: »
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    Well presumably insurance will pay out, though any specializing in northern Alberta home insurance may have to fold after this...

    It also sounded like the government was preparing to pay out a lot too to supplement that?

    I don't understand why insurance just isn't a government service to begin with.

    Its something that people depend on at the worst moments of their life, and private for-profits have a rich woven history of fucking people over through a myriad of means.

    Insurers evaluate risk then put their own money on the line, in theory a government insurer would have less incentive to accurately evaluate risk since it'll be the tax payers money on the line.

    No. As with all things that rely on this argument the transference for incentive from organization to individual implies that there is no advantage or disadvantage in public vs private organization.

    wbBv3fj.png
  • Options
    HefflingHeffling No Pic EverRegistered User regular
    Buttcleft wrote: »
    Polaritie wrote: »
    Phyphor wrote: »
    The Ender wrote: »
    Buttcleft wrote: »
    milski wrote: »
    So, uh. Canada is on fucking fire.

    Estimates right now are that about 1mbpd production is offline for the foreseeable future. The oil sands aren't expected to be damaged, but this is devastating the people who lived there. Their homes and offices are burning to the ground and nobody seems to know when the fires will cease, much less when people will be allowed to return and rebuild.

    I expect a lot of people in the area will be looking for new jobs and possibly homes elsewhere. This is an awful situation.

    That's terrible. That's gonna fuck everything up for those people, the environment, and more.

    Unrelated note: you do mean one million bpd right? That's typically mmbpd, not mbpd. Oil units are dumb.

    Fires like that are usually very good for the environment and get obscenely out of hand because fire prevention methods allowing to much underbrush to build up.

    but that's just a nitpick, it still is terrible for the actual people regardless.

    Ordinary rates of fire are usually pretty good for a forest, but the current trend of large forest fires is probably not very good. Fires used to be sparked-off every few years by lightning; now they occur multiple times per year as a result of human activity (mostly accidental), and some areas may not be able to regenerate as normal from all of the burning.


    Re: Fort Mac, it's literally the only city servicing Syncrude's operations. The impact on production is going to be quite substantial.

    The human impact is going to be even moreso; it was a city filled with young professionals who sank a lot of their savings into their homes (because living up there is very expensive). That's a lot of folks' futures potentially having just gone up in smoke. :|

    Well presumably insurance will pay out, though any specializing in northern Alberta home insurance may have to fold after this...

    It also sounded like the government was preparing to pay out a lot too to supplement that?

    I don't understand why insurance just isn't a government service to begin with.

    Its something that people depend on at the worst moments of their life, and private for-profits have a rich woven history of fucking people over through a myriad of means.

    Lobbying.

  • Options
    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    OPEC struck a tentative deal today. Output cuts are potentially coming in November. I know people will be upset about pump prices going back up, but I will be very happy to continue to be employed.

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    tinwhiskerstinwhiskers Registered User regular
    Booooooooooo Booooooooo I say Booooooo

    6ylyzxlir2dz.png
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    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    Booooooooooo Booooooooo I say Booooooo

    Just buy now while it's low

    Be an entrepreneur

    https://www.youtube.com/watch?v=XUQ-ds9LIvw

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    Emissary42Emissary42 Registered User regular
    My guess is the new price ceiling is a bit uncertain right now. I would guess a short-term rise followed by a gradual slope down as the shale fields that stopped exploration begin to gear up again, maybe evening out at the summer 2015 range of about $60 per barrel.

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    joshofalltradesjoshofalltrades Class Traitor Smoke-filled roomRegistered User regular
    I can live with $60/barrel.

    I would prefer $80 but I don't see it.

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    CauldCauld Registered User regular
    I assume the 'deal' they reached will fall apart. The actual cuts are to be determined at their next meeting. I think things will fall apart either at the meeting or before it.

    I also don't think OPEC has much control over the oil price anymore. Even combined they only account for about 1/3 of global oil production. It would help if they can get Russia on board. And, like Emissary said, any price increase will result in more shale production.

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    XaquinXaquin Right behind you!Registered User regular
    If price hikes could wait till next summer when I won't have to drive between 200 and 400 miles every weekend I'd appreciate it!

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