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This Isn’t Your Father’s OPEC Anymore

This Isn’t Your Father’s OPEC Anymore thumbnail

Judging from its series of consequential meetings last week in Vienna, OPEC seems to have confirmed that the rumors of its death have been greatly exaggerated. The important thing to recognize is that it also has a new identity that may reshape oil geopolitics for years to come.

Commentators have been writing OPEC’s obituary for years. Most recently, they did so in the wake of a pivotal November 2014 OPEC meeting, when oil prices cratered after Saudi Arabia decided against cutting production. Countless analysts, experts, and scholars mused that Riyadh’s hand had been forced by the rapid rise of shale oil in the United States; since shale output is much more responsive to oil price changes than conventional oil production, any attempt by OPEC to cut production and push up prices was expected to simply be offset by a rapid rise in U.S. output. “OPEC is now relinquishing its pricing power,” explained no less prominent a voice than former Federal Reserve Chair Alan Greenspan in early 2015.

But shale supply could not swing enough. Oil prices hit a low of $27 per barrel at the start of 2016. In response, OPEC member states met in November 2016 with several non-OPEC oil-producing countries (collectively called OPEC+) to make a show of force by agreeing to cut production. But again, despite the agreement to cut supply, skeptics warned that shale’s dominance, along with mistrust among OPEC and its coalition of nonmembers, would undermine the deal. One prominent commentator predicted in the Financial Times that the Algiers deal “will come to symbolize the passing of one of the world’s most powerful cartels.”

Just two years after trying to put a floor under prices, OPEC+ last week was called on to put a ceiling on prices. As oil spiked above $80 per barrel following U.S. President Donald Trump’s announcement that he would reimpose sanctions on Iran oil sales, the United States along with other consuming countries like India and China publicly and privately pressured OPEC+ to open the taps back up. High prices have done more than agitate President Trump on Twitter; protests have broken out in China, Brazil, and Jordan in recent weeks over high pump prices, exacerbated by a strong U.S. dollar that makes prices even higher in local currencies. High oil prices can also be just as much of a concern as low oil prices for producer countries because they curb demand, give momentum to substitutes like electric vehicles, and encourage development of high-cost resources like Arctic and ultra-deepwater oil. (Indeed, it was a prolonged period of high oil and gas prices that gave rise to the shale boom in the United States.)

Part of the rise in prices owes to OPEC’s oil production falling far more since November 2016 than producers pledged in their agreement, largely because of involuntary production cuts from Venezuela. This 147 percent “overcompliance” offered OPEC+ an elegant solution to ease the pressure on prices without undermining its production agreement. OPEC and its partner countries thus pledged last week to return to 100 percent compliance with the original 2016 cuts.

The problem with promising to increase supply by returning to 100 percent compliance with the original cuts is that only Saudi Arabia, Russia, Kuwait and the United Arab Emirates have the ability to increase production. If the volume of overcompliance were shared among producers proportionally, that would imply an increase of about 600,000 barrels per day. If the production increase were allocated entirely to those able to boost output, so that the total volume of excess cuts were brought back to the market, that would imply a production increase of about 1 million barrels per day. That difference can have an outsized impact on price. In its press conference, OPEC refused to officially clarify, with different countries offering different interpretations to reflect their own concerns and interests. Despite the ambiguity, OPEC reasserted its relevance in Vienna through its willingness to cap prices, underscoring its reputation as a responsible supplier to the market. In his remarks in Vienna, for example, al-Falih emphasized the importance of protecting consumers.

But, even as OPEC reasserts its traditional role, the organization has been reincarnated in new form.

First, Saudi Arabia’s role in the organization is bigger than ever. The price-capping decision in Vienna was effectively taken by Saudi Arabia, not OPEC. Only Saudi Arabia has any meaningful amount of spare capacity because it is the only country that chooses, at a cost to itself, to produce significantly less than it otherwise could. Iran understandably opposes a production hike, viewing efforts to curb high oil prices as facilitating President Trump’s aggressive foreign policy toward Tehran. But Iran had little choice but to go along with Saudi Arabia’s preferred outcome.

Even as Iranian Petroleum Minister Bijan Zanganeh downplayed how much oil would be coming back to the market, his Saudi counterpart said he would do “whatever is necessary” to keep the market well-supplied and that an additional 1 million barrels per day would come to the market. Moreover, by interpreting the agreement to mean total output, rather than output by individual countries, would comply with the November 2016 deal, Falih gave himself the flexibility to increase output further if needed to cap prices. Importantly, Russian Energy Minister Alexander Novak said he was fully aligned with Falih.

That brings us to the second major change in OPEC: Its second-most important player, after Saudi Arabia, is now Russia, despite not being an official member of OPEC at all. Last week’s OPEC deal reaffirmed the newfound role of Russia, the third-largest oil producer in 2017, in managing world oil prices with Saudi Arabia. Falih even told the press that Russia was considering joining OPEC as an associate member, and both Saudi Arabia and Russia took pains to signal that the close working relationship they have forged on oil policy would persist.

This new alliance between Saudi Arabia and Russia in managing world oil markets marks an important shift. While OPEC represented half of world oil production throughout the 1970s, its share of global supply declined below one-third in the 1980s, and now accounts for just over 40 percent. Effective market management thus requires bringing more global producers into the cooperation framework. Deepening and possibly formalizing the Saudi-Russian oil alliance marks a potentially historic shift for OPEC, as past attempts to cooperate with Russia have consistently failed. Indeed, in his 2016 memoir, former Saudi Oil Minister Ali al-Naimi wrote that he thought there was “zero” chance that countries outside the group, notably Russia, would join production cuts.

 

Russia’s new role in managing global oil prices gives President Vladimir Putin another prominent platform on the global stage and strengthens his hand in diplomatic engagements with large oil-consuming countries, including the United States. For decades, the oil price has been central to the U.S. relationship with Saudi Arabia: presidents of both political parties, going back decades, have requested at various times that the kingdom provide relief on oil prices, and the kingdom’s ability and willingness to oblige has been a key point of leverage in its diplomatic relationship with the United States. Riyadh’s current refusal to curb output alone and the creation of a new cooperation framework with Russia means Moscow may have an increasingly important voice in years to come in oil price management. That would mark a new point of influence for Moscow in its strained relationship with Washington.

This brings us to the third major message from last week’s OPEC meeting, that America’s shale energy boom hasn’t increased U.S. influence over global oil markets. Indeed, what was striking about the OPEC+ agreement is that the United States needed OPEC and non-OPEC countries to do it all. Despite talk of peak oil demand and U.S. “energy dominance,” the direct impact of last week’s deal on U.S. gasoline prices is a reminder that oil remains a geopolitical vulnerability for the United States and that talks of its “energy dominance” has been overhyped.

Despite surging U.S. oil production and plunging imports, pump prices are still determined by the global oil price. The mistake some commentators have made is in assuming the U.S. oil market would be able to have an outsized say about that global price, because U.S. shale oil production is more responsive to price changes than conventional oil supply; many prominent analysts proclaimed shale the new global “swing producer.” Yet recent experience — not to mention that the United States needed to ask OPEC to keep a lid on oil prices last week at all — has revealed that shale oil is not an elastic source of “swing supply” that can balance the world market.

U.S. monthly crude oil production is up by 2 million barrels over the past two years, but shale still takes time to ramp up and down. Shale output reflects the decisions of thousands of private firms, and its flexibility is likely is to decline as the sector consolidates among larger companies with stronger balance sheets. Additionally, shale output is constrained for some time by pipeline congestion, along with shortages of workers and equipment, which is already forcing U.S. oil to trade at a steeper discount to the global price of crude.

American consumers are still vulnerable to oil supply disruptions anywhere in the world regardless of how much or how little oil their country imports. Oil thus remains a key geopolitical consideration for U.S. foreign policy, despite America’s nearing the point where it will be oil “independent” on a net basis. Consider how President Trump had to ask Saudi Arabia to boost supply so that the United States could curtail Iranian oil sales without hurting U.S. consumers. Or that while President Trump would like OPEC countries to lower gasoline prices, OPEC countries would also like President Trump to block the legislation moving through Congress that would allow antitrust action to be brought against OPEC. The NOPEC bill, as it’s known, has been introduced in years past.

To be sure, although OPEC reasserted its relevance in Vienna, it also revealed its limitations. A deal to keep current prices in check is a far cry from the ability to truly be a source of swing supply and provide market stability. An output hike would leave OPEC with a very small buffer of spare capacity, so there is a limit to what OPEC can do to keep prices from spiking if Venezuelan production plummets, Iranian sanctions bite, or countries like Libya and Nigeria see further unrest. This is the dynamic that played out in the boom years prior to the 2008 peak, and OPEC lacked the ability, even if it had wanted to, to rein in prices when oil prices then ran up to $147 per barrel. That’s just one of several reasons the United States should maintain its strategic oil stockpile notwithstanding its reduced import dependence.

Since the 1973 Arab oil embargo, the United States has complained about OPEC’s manipulation of oil prices even though its true willingness and ability to do so has been far more limited. The decision last week to provide oil price relief, reflecting newfound oil policy partnership between Saudi Arabia and Russia, marks a potential turning point in the global oil order and a reminder that despite the shale boom or a possible energy transition, oil geopolitics is alive and well.

foreignpolicy



110 Comments on "This Isn’t Your Father’s OPEC Anymore"

  1. GregT on Wed, 27th Jun 2018 6:21 pm 

    “You are the one who said you supported Trump”

    I have never said that I support Trump. Quite frankly, the guy is a raving madman.

    “You are scared of everything.”

    I’ve never been afraid of anything in my life, other than a few very precarious situations that I’ve put myself in, and even those I faced head on.

    “I bet your wife calls the shots around house.”

    You’ve obviously never been married. Marriage is all about compromise MM.

  2. GregT on Wed, 27th Jun 2018 6:25 pm 

    “Because you are an uneducated moron.”

    Makati is clearly far more intelligent than you could ever dream of being MM.

    “Who fled the country because he was scared..Just like your but buddy Greg..You two are the biggest pussies and will be killed first..And you will remember MM when Shit hits the fan..”

    More of your usual delusions.

  3. MASTERMIND on Wed, 27th Jun 2018 6:27 pm 

    Scientists say humans are alone in the universe

    https://nypost.com/2018/06/26/scientists-say-humans-are-alone-in-the-universe/

  4. MASTERMIND on Wed, 27th Jun 2018 6:32 pm 

    Some men aren’t looking for anything logical, like money. They can’t be bought, bullied, reasoned, or negotiated with. Some men just want to watch the world burn..

    Michael Caine
    The Dark Knight

  5. Makati1 on Wed, 27th Jun 2018 6:36 pm 

    “Scientists say”… a perfect example of MM’s inability to think. What “scientists” MM? What do the say, with indisputable proof of their assertions? With more than a billion planets that could support life, do you KNOW that there are no human-like people inhabiting at least one of them? To me, it is an open possibility.

    BTW: Intelligent people do not stay in dangerous situations when they know it is dangerous and they can get out. Why live in a crumbling, drugged up, over armed, brainwashed country when there are other safer and better places to live? Only a fool or masochist would stay if they could get out. I got out and never regretted a minute of that decision. What is you excuse for staying?

  6. GregT on Wed, 27th Jun 2018 6:39 pm 

    In more news from the New York Post:

    “Naked woman dies trying to escape closet from hell”

    “John Daly quits USGA as golf cart war escalates”

    “Woman forced ex to have sex holding machete to his face”

    “Stars swap millennial pink for Gen Z yellow”

    “One of the world’s largest artworks is a complete mystery”

    “Adventurous women are getting their vaginas super stoned”

    LOL, you just can’t make this stuff up.

  7. MASTERMIND on Wed, 27th Jun 2018 6:52 pm 

    Madkat

    We have known about the Fermi paradox for over fifty years..And Fermi won the Nobel in Physics..

    Here is the peer reviewed study

    Dissolving the Fermi Paradox
    https://arxiv.org/abs/1806.02404

    Greg slandering the media just shows you are a moron..i know you tin foil hat lunatics want to believe in your aliens..

    LMFAO!

  8. Makati1 on Wed, 27th Jun 2018 6:52 pm 

    “Its not just the us collapsing..Its the entire OECD and BRICS nations..even in Hong Kong there have been people protesting..”

    Really? And how do you support your idea? Funny that I live in Asia and do not see signs of a collapse. Just the opposite. Growth is still the rule here, unlike in the Us or EU.

    You seem to believe all of the Us MSM propaganda about the rest of the world without a clue if it is true or bullshit. I can tell you from personal experience, it is mostly lies and bullshit.

    What is YOUR definition of “collapse” MM? Not that of the Us MSM but yours? Zombies and rape? Or something more intelligent like debt and American insanity caused collapse?

    BTW: You do understand that those “protests” are Us government instigated and supported, don’t you?

  9. MASTERMIND on Wed, 27th Jun 2018 6:54 pm 

    I got shit to do tonight.enough arguing with stupid old angry men..Get a fucking girlfriend and get laid you old prunes..

    Oh wait your dicks dont work anymore do they? Thus the never ending hate and overcompensation?

    LMFAO!

  10. Makati1 on Wed, 27th Jun 2018 6:56 pm 

    MM, I only said that there is a possibility that I do not rule out, of intelligent life on other planets. YOU are the closed mind, not me. YOU are the zombie fan, not me. YOU believe impossible things because you have been brainwashed to believe “ivory tower” nerds are gods and what they say must be true. Not me. I was taught to think, not parrot.

  11. MASTERMIND on Wed, 27th Jun 2018 6:57 pm 

    Madkat

    See the fourth chart on my manifesto..Maybe if you would open your eyes you would learn something..

    https://imgur.com/a/pYxKa

    And China is the worlds largest oil importer so when the shortage hits they are going to get slammed the most..you dumb filthy construction worker..

  12. Makati1 on Wed, 27th Jun 2018 6:57 pm 

    MM, you just proved my point mentioned above. When you get cornered, you revert to putdowns and stupidity, not intelligent rebuttal. Are you a relative of Davy? LOL

  13. Makati1 on Wed, 27th Jun 2018 6:59 pm 

    MM, did you notice that they are developing oil fields with the Russians in Russia? That they have oil coming in from all over the world and are likely to be the last country to feel a pinch? Get educated on current events and come back with an intelligent rebuttal, if you can. LMAO

  14. GregT on Wed, 27th Jun 2018 7:01 pm 

    “And Fermi won the Nobel in Physics.”

    And Obama won the Nobel Peace Prize.

    Your point is?

  15. MASTERMIND on Wed, 27th Jun 2018 7:03 pm 

    The likeliest reasons why we haven’t contacted aliens are deeply unsettling

    http://www.businessinsider.com/why-aliens-have-not-contacted-humans-2015-9

  16. GregT on Wed, 27th Jun 2018 7:04 pm 

    “I got shit to do tonight.enough arguing with stupid old angry men..Get a fucking girlfriend and get laid you old prunes..”

    “Oh wait your dicks dont work anymore do they? Thus the never ending hate and overcompensation?”

    Now tell everyone again MM;

    Who’s angry?

  17. Makati1 on Wed, 27th Jun 2018 7:05 pm 

    Greg, MM is not a thinker. He just squawks like a parrot. He still does not understand how the world works. He beeves everything he reads if it has a famous name after it.

  18. MASTERMIND on Wed, 27th Jun 2018 7:06 pm 

    Greg

    One you are arguing a red herring..Like usual..and a Nobel in science is much more prestigious than in peace..The Nobel peace prize is a political award..

    And madkat

    IEA: Russia’s oil output to reach its peak in 2020
    http://vestnikkavkaza.net/news/IEA-Russia%E2%80%99s-oil-output-to-reach-its-peak-in-2020.html

  19. Makati1 on Wed, 27th Jun 2018 7:14 pm 

    MM, the Nobel is a corrupted organization that you want to defend. Typical deluded American.

    “We live in a land populated by the People of Walmart sustained by a steady diet of fake news, processed foods, electronic fairy tales, and antidepressants.”

    http://www.shtfplan.com/headline-news/when-running-from-the-devil-you-better-be-faster-than-hell_06272018

    Perfect description of America today. You fit right in, Mm.

  20. Makati1 on Wed, 27th Jun 2018 7:47 pm 

    This is what could be coming back to the Us in the near future…

    “In the years 1971 and 1972 alone, according to the FBI, more than 2,000 bombs were planted throughout the United States by domestic terrorist groups….This is what happens when citizens decide en masse that their political system is corrupt, racist, and unresponsive…There are many on the left that actually crave a violent revolution, and they look back on Bill Ayers and the Weather Underground as inspiration.”

    https://www.zerohedge.com/news/2018-06-27/while-many-right-are-sleeping-many-left-are-promising-bring-war-streets-america

    Slip slidin’…

  21. GregT on Wed, 27th Jun 2018 8:01 pm 

    “The likeliest reasons why we haven’t contacted aliens are deeply unsettling”

    “A Type-I civilization has figured out how to harness all the energy on its planet. Humans are getting close to achieving this, but that’s just the first tier.”

    Hilarious, perhaps the reason why intelligent ‘Aliens’ haven’t contacted us, is because they were content not harnessing all of the energy on their planets, and causing their own extinction.

  22. JuanP on Wed, 27th Jun 2018 8:30 pm 

    MM “See the fourth chart on my manifesto.”

    That was my best laugh of the day. Femtomind has a manifesto? There is no end to the fun on this site. LOL!

  23. JuanP on Wed, 27th Jun 2018 8:46 pm 

    MM “IEA: Russia’s oil output to reach its peak in 2020”

    You should read some old IEA production forecasts, Femtomind. You would then realize that they have been wrong so many times before that it makes absolutely no sense to pay any attention to them. You are a very GULLIBLE person! I am constantly amazed by how you take for granted that what others say is truth. How can you swallow so many lies?

  24. Makati1 on Wed, 27th Jun 2018 8:47 pm 

    The universe is assumed to be about 14 billion years old. Many intelligent species could have evolved, lived and died out in that time frame, all over the universe. That one is/was close to the earth in the last 500,000 years would be unlikely. Although, Zecharia Sitchin had a theory that there was one and we are the result. The ancient Egyptians beloved in gods “from the sky” that began humans.

    Probability is why I do not discount the possibility. I have seen too many “impossible” things happen even in my short lifetime.

  25. GregT on Wed, 27th Jun 2018 8:59 pm 

    Makati,

    The more I know, the more I know I don’t know.

  26. Cloggie on Wed, 27th Jun 2018 10:13 pm 

    “See the fourth chart on my manifesto..Maybe if you would open your eyes you would learn something..”

    Millimind has a manifesto, no doubt a sequel to the Communist Manifesto of former fame.

  27. MASTERMIND on Wed, 27th Jun 2018 10:50 pm 

    White Helmets are helping Syrian militants prepare ‘false flag’ chemical attack – Idlib residents

    https://www.rt.com/news/431099-white-helmets-false-flag-chemical/

    Fool me once…hell you can fool Americans a million times..

    They told us a guy living in a cave attacked us on 911..LOL

    you can’t make this stuff up..

  28. MASTERMIND on Wed, 27th Jun 2018 10:52 pm 

    High school students are having sex at the lowest rates in decades

    https://www.marketwatch.com/story/high-school-students-are-having-sex-at-the-lowest-rates-in-decades-2018-06-14?link=sfmw_tw

    Just like what happened in Dr Calhoun’s mice utopia experiments..

    https://www.smithsonianmag.com/smart-news/how-mouse-utopias-1960s-led-grim-predictions-humans-180954423/

    https://eprints.lse.ac.uk/22514/1/2308Ramadams.pdf

  29. MASTERMIND on Wed, 27th Jun 2018 10:54 pm 

    They told us it was a man living in a cave who attacked us on 911..

    Do you think a man living in a cave pulled off the greatest upset since David and Goliath?

    I think not..

  30. MASTERMIND on Wed, 27th Jun 2018 10:57 pm 

    Once we pull off that False flag in Syria..We can directly engage the Russians..And then we will have a spark to ignite war against Putin..And then we will nail him with a nuclear first strike..

  31. GregT on Wed, 27th Jun 2018 10:58 pm 

    “They told us it was a man living in a cave who attacked us on 911”

    You were in the World Trade Centre on 9/11 MM? That must have been horrific.

  32. MASTERMIND on Wed, 27th Jun 2018 11:03 pm 

    Clogg

    I have posted my manifesto like a million fucking times on here already..You are just scared to open it..Just like your neckbeared friend Greg..Pussies of a feather..

    LMFAO!

  33. GregT on Wed, 27th Jun 2018 11:13 pm 

    Manifestos are most often written by psychopaths and sociopaths MM.

  34. MASTERMIND on Wed, 27th Jun 2018 11:21 pm 

    Historical case studies reveal that only continuous improvement of individual living conditions provide the basis for tolerant and
    open societies. Empirical studies for the OECD region also prove that setbacks in economic growth can lead to an increase in the number of votes for extremist and nationalistic parties.
    (German Army “Leaked” Peak Oil Study) 2010

    Looks like predicting the future isn’t so hard after all..

    http://www.energybulletin.net/sites/default/files/Peak%20Oil_Study%20EN.pdf

  35. GregT on Wed, 27th Jun 2018 11:39 pm 

    “Looks like predicting the future isn’t so hard after all..”

    Foreword

    “the purpose of security-related future analysis is to acquire knowledge precociously and scientifically based in order to refine conceptual specifications and objectives without making predictions.”

    “Purpose of the study results is to enable the Federal Ministry of Defence to identify long-term issues with relevance to security policy at an early stage before forwarding them, if necessary, to internal or external organisations for a more detailed analysis.”

    http://www.energybulletin.net/sites/default/files/Peak%20Oil_Study%20EN.pdf

  36. Cloggie on Thu, 28th Jun 2018 12:12 am 

    I have posted my manifesto like a million fucking times on here already..You are just scared to open it.

    All I remember from you is posting the same set of obsolete 2010-ish moldy peak oil links, hundreds of times, creating the excuse for posting what you really want to post: inciting for war against Russia and social revolution.

    You are as translucent as glass. All you care about is the overthrow of European-America. Now bring it on f* and see what happens next… finding yourself back in a cattle car, just like last time.

  37. Makati1 on Thu, 28th Jun 2018 12:55 am 

    A useful website:

    http://www.defineyourgrind.org/archive#

    “Life doesn’t get easier.
    We just get stronger”

  38. JuanP on Thu, 28th Jun 2018 6:40 am 

    Well, I looked at MM’s manifesto. I could write better papers in elementary school. The manifesto consists of some graphs and a few words copied from elsewhere. Looks like something someone with a bad ADD case or some other serious learning disability would do. You should really work on it a bit more, MM, if you want people to take you seriously. It looks pretty bad! I was having fun so it wasn’t a complete waste of time.

  39. MASTERMIND on Thu, 28th Jun 2018 8:09 am 

    China Think Tank Warns of Potential ‘Financial Panic’ in Leaked Note

    https://www.bloomberg.com/amp/news/articles/2018-06-27/china-think-tank-warns-of-financial-panic-risk-in-leaked-note

    Jina is panicking!

  40. MASTERMIND on Thu, 28th Jun 2018 8:13 am 

    Greg and clogg

    You are the kings of “Red herrings”..

    A red herring is something that misleads or distracts from a relevant or important issue. It may be either a logical fallacy or a literary device that leads readers or audiences towards a false conclusion..

    https://en.wikipedia.org/wiki/Red_herring

  41. MASTERMIND on Thu, 28th Jun 2018 8:18 am 

    CLogg

    Here you go a peak oil article from this year buddy! And I helped the writer put it together..The HSBC study is from my personal scribb account..my initials on in the top right corner ‘S.D.H”..

    Sleepwalking Into The Next Oil Crisis
    https://www.forbes.com/sites/rrapier/2018/03/23/is-the-world-sleepwalking-into-an-oil-crisis/#509edc8b44cf

    See MM doesn’t crate shitty blogs and censor the comments..I go fucking mainstream on that bitch ass!

    Catch up chump!

    LMFAO!

  42. MASTERMIND on Thu, 28th Jun 2018 8:44 am 

    White Helmets are helping Syrian militants prepare ‘false flag’ chemical attack – Idlib residents
    https://www.rt.com/news/431099-white-helmets-false-flag-chemical/

    Another false flag is coming and then we have our excuse to engage the Russians..

    See ya Putin..bye bye populist movement! The non thinking white nationalist won’t know what to do without a leader to control them!

    LMFAO!

  43. GregT on Thu, 28th Jun 2018 8:52 am 

    “The HSBC study is from my personal scribb account..my initials on in the top right corner ‘S.D.H”

    The HSCB report was from HSCB. You had nothing to do with it, and even a monkey could have initialed the corner of it. Big whoop.

  44. GregT on Thu, 28th Jun 2018 9:27 am 

    HSBC

  45. MASTERMIND on Thu, 28th Jun 2018 9:34 am 

    greg

    Its HSBC..And I never said I authored it..I said its from my personal scribd account..Which it is along with many oil related studies

    https://www.scribd.com/user/381004858/S-D-H

    The author of the Forbes article is one of my friends..And he asked me for sources for it..And he sent one to the CEO of Forbes and he told him to write a story about it ASAP..

    Here is the author thanking me on FB for proof..

    https://imgur.com/a/aVcIGLy

  46. GregT on Thu, 28th Jun 2018 9:50 am 

    For anybody who has been paying attention MM, Rapier’s article is a no-brainer.

  47. MASTERMIND on Thu, 28th Jun 2018 10:05 am 

    Greg

    Too bad there isn’t very many bodies paying attention though..Society is asleep at the wheel..And we all know what happens to drivers who fall asleep at the wheel..

    LMFAO!

  48. GregT on Thu, 28th Jun 2018 10:14 am 

    “And we all know what happens to drivers who fall asleep at the wheel”

    Why would you stay in a car, if you knew the driver was going to fall asleep and crash into a brick wall?

    That’s not exactly brilliant MM.

  49. MASTERMIND on Thu, 28th Jun 2018 10:15 am 

    OIL SHOCK

    Oil has spiked over 8 dollars in a week..And when the shortage hits it will likely double the price..We could see 10 dollars a gallon gasoline (Yes it could get that bad)

    https://oilprice.com/oil-price-charts/block/1

    RIP 7 Billion

  50. GregT on Thu, 28th Jun 2018 10:28 am 

    Many people around the world are already paying over 7USD/gal of gasoline MM. People adjust.

    https://www.statista.com/statistics/221368/gas-prices-around-the-world/

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