There is not going to be $100 barrel oil anytime soon. Fossil Fuels is a dying commodity. Demand for oil will continue to drop. The best days of the oil and gas industry are behind us. The future of XOM is survival, and that's it. As demand drops XOM will become leaner proportionately as a result.
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Oh, I’d love to be on that first Qantas flight from IAH to SYD non stop on batteries. 747 with 4 passengers due to weight of batteries...
How about Union Pacific? Mexico to Detroit. 70 cars, 4 with actual payload.
I bet we see $100/B before we see $30/B again.
I typically don’t comment on here, but I just had to after someone blatantly lied and said unsubsidized renewables are cheaper than hydrocarbons. That’s not even close to being true even when dredge is 100 dollars a barrel.
Sad that people are so misinformed or ok with lying.
Demand for oil and gas will not go away. Personal internal combustion vehicles will always be cheapest option, cheaper per month than public transportation. Anyone who can sc-ape together down payment for a motor bike will buy one. As soon as pandemic restrictions are lifted one way or another the pent up demand must be satisfied. There is no current expectation world populations will decline
Hey Blockbuster - you are mistaken. Electric and renewables are very far from equal cost to petroleum energized products. I counted up all the electric 18 wheelers and buses that I passed on the highways this year and the total is zero. I have taken several 12 to 18 hour trips in the past year, many pulling a trailer, there is no electric vehicle option for that, and will not be for decades even subsidized. Those trains that move the world’s economies, they are electric, but have huge diesel generators to power them. Those ships delivering those short range electric cars - also diesel powered. The plastic films that make electric vehicle batteries - petroleum products. The plastics that electric cars are made of are also petroleum products. The machines that mine the lithium, diesel powered. You need to educate yourself and come back to reality. Electrics and renewables will not survive without subsidies and regulations penalizing the continued use of petroleum base power.
There is no alternatives for long distance transport and EV is decades away from taking that. Nat gas and gasoline are the drop in demand to 2030.
The unsubsidized costs of renewables and electric vehicles are at or below cost of fossil fuel options Today and are still dropping in cost rapidly. EM apparently has no plan for this other than to go out of business - the Blockbuster option.
Look at what the company plans are based on. Even we have moved from lower for longer to lower forever.
100 dollar oil is a long shot but that doesn't mean there will not be any more cycles. But high prices will probably follow lot of quick short cycle production like shale and prevent big price shocks.
Economies also slow dramatically when oil prices spike like in 2007-2008.
The case for electric vehicles and renewables becomes very competitive in those scenarios and accelerate a swap if that happens. Like the 2008 spike/ exxon peak days, which triggered massive government investment and subsidies as well as private interest in what was called the alternative sources of energy and led to the rise of renewables, any future spike will lead to the same situation.
If the Green New Deal becomes law, Exxon will definitely be seeing green when the price of oil and gas sky rockets. $100 Oil here we come!
Even a broken clock is correct twice a day!
Neither you nor anyone else has any idea what the price of oil will be in 6 months or 6 years. The only thing we know is that price will depend on supply and demand. A major Middle East conflict alone could result in supply shortages and prices could skyrocket. Shut down fracking and new offshore drilling in the US and supply will drop. Or, prices could go the other direction for a number of reasons, nobody knows.
If you are so sure of your predictions, short the market and get filthy rich. Or, lose everything. Only time will tell Nostradamus.
OP is correct. People just do not want to believe it.
Cry more. Just bitter you won’t be part of the future.