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285

The tanks in Cushing, Oklahoma, are hitting bottom. The oil market is about to hit a tipping point | CNN Business (www.cnn.com)

submitted 6 days ago by CharlesDarwin@lemmy.world to c/politics@lemmy.world

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[–] TranscendentalEmpire@lemmy.today 116 points 6 days ago (5 children)

It always amazes me how streamlined the oil and gas industries are, and just how little of their profit actually benefits the communities they operate in. I feel like with most any other industry that amount of capital in an area would at least vicariously create some form of benefits or taxation for the local economy.

Cushing is a complete shithole relic from the oil boom of the 1920s. Pretty much every building they have on main street was built in the 1920s, and have been mostly vacant since the 30's. There billions of dollars of oil being stored in the heart of the town while the people of Cushing grow up and die in poverty. Oklahoma is the most tragic state in the union, it's like if the avarice of America manifested itself into reality as a state.

[–] Voroxpete@sh.itjust.works 61 points 6 days ago (2 children)

This, by the way, is how data centres work only worse. Even a hyperscale data centre in the gigawatt range is very unlikely to employ more than a hundred people. After initial construction - which will often be handled by out of state specialists, not locals - their effect on employment is basically nil. They're sold to voters as a big deal for the community they're in but in reality they just make noise, drink all the water and jack up power prices for no benefit.

[–] SaveTheTuaHawk@lemmy.ca 2 points 3 days ago

Oh no, Kevin O'Leary says Chinese influencers are preventing his data centres, not fucking math.

Don't send him back to Canada, we scraped this shit off our shoes years ago.

[–] Pollo_Jack@lemmy.world 6 points 5 days ago

Voters got wise and governors ignored them, Whitmore for MI for example. Another lesson in, conservative dems are dems in name only.

[–] SpookyBogMonster@lemmy.ml 9 points 5 days ago

Oklahoma is the most tragic state in the union, it's like if the avarice of America manifested itself into reality as a state

Oklahoma is where we forced a bunch of the continent's indigenous peoples, only to have them be lorded over by the most unhinged white people America has to offer.

[–] hanrahan@slrpnk.net 10 points 5 days ago

and just how little of their profit actually benefits the communities they operate in.

https://duckduckgo.com/?t=fpas&q=niger+delta+oil+enviomental+disaster&ia=images&iax=images

[–] BlackVenom@lemmy.world 12 points 6 days ago (3 children)

Louisiana has entered the chat

[–] TranscendentalEmpire@lemmy.today 8 points 6 days ago

Idk, it's hard to beat Oklahoma when it comes to terrible history. Our state motto is the "Sooner State". Which is basically celebrating people who cheated in a competition to see who could steal the best land in what was essentially an open air concentration camp for indigenous people.

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[–] FabledAepitaph@lemmy.world 7 points 6 days ago

It's all true lol

[–] ArbitraryValue@sh.itjust.works 63 points 6 days ago (2 children)

What I don't get is why prices aren't already rising more than they have. It seems like literally everyone except the Trump administration itself expects the strait of Hormuz to remain blocked for a long time, so shouldn't that be priced in already?

[–] foodandart@lemmy.zip 81 points 6 days ago* (last edited 6 days ago) (2 children)

Global oil reserves. Created and maintained to prevent just such a thing. It's part of the dance the the oil industry has been doing for decades to prevent fuel hardships and price hikes, and keep people choosing to stick with their cars, instead of using public transport or alternative fuels. And it's worked since the Arab oil embargo of the 70's.. (I was there.. it was fucked up how fuel was ratioined and expensive..)

Those reserves are what the article is pointing out.

They're coming close to hitting the level that means there is literally not enough oil to maintain the pipeline pressure that keeps it moving to the refineries. Nor is there enough oil being pumped in the US to maintain the global supply. This is BIG. Once that internal pipeline pressure drop happens, it's going to be the price increases from hell and shortages galore.

Makes me supremely glad I can ride my bike to work.

[–] SaveTheTuaHawk@lemmy.ca 1 points 3 days ago* (last edited 3 days ago) (1 children)

Reserves are really there for natural disasters. Trump is abusing reserves because Americans don't mind his corruption and pedophilia, but draw the line at paying as much for gas as the rest of the world. All Iran needs to do is choke off oil for a few more months and Trump is fucked for the midterms, which he will steal anyway.

Alberta has lots of oil, but of course, Donald says America doesn't need oil or fertilizer, or aluminum, or lumber, or...

[–] foodandart@lemmy.zip 1 points 3 days ago

I honestly do not think Trump will make it to the mid-terms.

The video of him walking out of the WH to go to the ringside yesterday - he looked like an animated corpse. The makeup on his hands and face was noticeable.

Saw a short video the other day and the guy was saying he thought Trump would be napping through some meeting and die and no one would notice until it was over when he wouldn't wake up.

Very possible situation.

[–] humanspiral@lemmy.ca 9 points 6 days ago (1 children)

And specific cap on oil prices is because depletion of those reserves have been so rapid, together with less China imports (they have their own high reserves). This can make the latest wolf cry for imminent peace more likely true, if reserves are on the brink.

[–] chuckleslord@lemmy.world 7 points 6 days ago

It doesn't matter if peace is achieved this second, this shit is still coming.

[–] panda_abyss@lemmy.ca 20 points 6 days ago (1 children)

Normally you would see the massive shortfall where ~15% of global oil demand needs to be destroyed by price increases, and you would then assign the risk that happens, and take the integral over your risk distribution times your pricing scenarios.

However, two things are going wrong:

markets wildly overestimate Trump’s words and ability to resolve this, so are mis estimated risk
oil execs are happy with the extra income

So they’ve put off the price increases entirely because of hubris.

[–] TranscendentalEmpire@lemmy.today 18 points 6 days ago

they’ve put off the price increases entirely because of hubris.

They also don't want to bite the hand that feeds them. They know that oil prices are the only thing that the majority of Americans really care about when it comes to politics. They also know that the trump administration is more than willing to cut down any government regulation or energy competitors they want. Keeping the public happy domestically and selling exports overseas for significant profits works out fine for them. They know who butters their bread.

[–] BigMacHole@thelemmy.club 19 points 5 days ago (1 children)

Thank GOD we have a Competent Government that's been ~~INVESTING in Alternative Energies to Oil so if our Reserves RUN DRY we'll still be able to Travel, grow CROPS and use ELECTRICITY!~~

[–] HaraldvonBlauzahn@feddit.org 9 points 5 days ago (2 children)

I fondly remember Jimmy Carter.

He had a vision - and it is winning all over the world.

By the way, he happened to be a nuclear safety expert, and was in office when the Three Mile Island reactor had an actual, barely contained, meltdown, and nearly exploded.

[–] 3abas@lemmy.world 8 points 5 days ago

People act like Reagan invented the mess we’re in, but Carter helped open the door. He deregulated major industries, embraced austerity politics, empowered Paul Volcker, and helped shift the Democratic Party away from New Deal economics toward market discipline, weakened labor, and “responsible” technocratic cruelty.

That’s the world we still live in: wages crushed, unions weakened, public goods privatized, housing treated like an investment vehicle, and both parties pretending the market is a law of nature.

And abroad, his “human rights” branding didn’t stop him from backing dictators, arming reactionaries, and helping set the stage for decades of intervention and blowback. Reagan didn’t create that machinery from scratch, he inherited and escalated it.

So yes, Carter was smart. Yes, Three Mile Island showed he was calm and technically competent.

Carter was the polite beginning of the catastrophe. Reagan made it louder. Clinton made it bipartisan. Bush made it apocalyptic. Obama made it sophisticated. Trump made it naked. Biden made it normal again. Trump is now making it permanent.

[–] SaveTheTuaHawk@lemmy.ca 1 points 3 days ago (1 children)

When Carter was a Navy nuclear engineer, he was among the first to enter the nuclear accident site in Chalk river, Canada in 1952.

After getting fucked over in politics by voters, he went on to build affordable housing for the rest of his life.

No President has come close to Carter.

[–] HaraldvonBlauzahn@feddit.org 1 points 3 days ago

After getting fucked over in politics by voters, he went on to build affordable housing for the rest of his life.

Wow, I was already wondering whether he had known Buckminster Fuller.

[–] DarkFuture@lemmy.world 40 points 6 days ago (2 children)

When America collapsed in order to enrich a felon rapist pedophile.

I'm sorry, but what else do you call a country that does that other than trash?

[–] Pollo_Jack@lemmy.world 10 points 5 days ago

Don't let conservatives in government. It could happen to you.

[–] P1nkman@lemmy.world 11 points 6 days ago (1 children)

A third world country with a Gucci belt.

[–] Meron35@lemmy.world 5 points 5 days ago

Actually, the term third world country is outdated and referred to countries that couldn't decide whether to align themselves with the US or Russia-oh wait

[–] JoMiran@lemmy.ml 33 points 6 days ago* (last edited 6 days ago) (5 children)

A competent administration would have filled the reserves to capacity (75MM barrels) before starting shit with Iran. I am going to take a wild huess that they did not do that.

[–] TheGoldenV@lemmy.world 23 points 6 days ago (2 children)

And or just not stuck their dicks in the bear trap that is Iran.

[–] Pollo_Jack@lemmy.world 5 points 5 days ago

It's 2026 and a republican has involved the US in another conflict in the middle east.

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[–] SaveTheTuaHawk@lemmy.ca 1 points 3 days ago

Kegsbreath told them he would win the war in a month.

[–] Ferrous@lemmy.ml 6 points 6 days ago (2 children)

I mean they did nab Venezuela's oil right before all of this. They may be using the Iran war to throw a wrench into global supply and thus make Venezuelan oil more attractive. The geopolitical value of Venezuela's oil undoubtedly spiked at the onset of the war.

[–] JoMiran@lemmy.ml 18 points 6 days ago (1 children)

That's 4D chess, so I doubt it. More likely is that they assumed that the Iranian regime was at a tipping point (it was), and figured theyncould swoop in, bring "freedoms" and take all the oil from an American/Saudi/UAE/Israel puppet government. Instead, all they did was solidify the existing regime and multiply their influence by an ordernof magnitude, while significantly decreasing the US standing and influence in geopolitics.

[–] Voroxpete@sh.itjust.works 13 points 6 days ago

It's pretty clear that at no point did the US plan for Iran closing the state. They should have. Every previous US government considered it the primary danger of a war with Iran. But Trump doesn't surround himself with smart people.

Also there's credible reporting that their belief that Iran would not close the strait was reinforced by the AI planning systems they recently invested in. So that's fun. The blind leading the stupid.

[–] musicalphysics@discuss.online 6 points 6 days ago (2 children)

Processing for oil is customized based upon its properties, which vary based on the source. It isn’t possible to just swap Venezuelan oil for some other oil.

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[–] quick_snail@feddit.nl 12 points 6 days ago (6 children)

Thank god, good news.

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[–] Gerudo@lemmy.zip 12 points 6 days ago (4 children)

I swear all of this is made up. Gas in my area has dropped a dollar a gallon in the last 2-3 weeks. This is despite virtually nothing changing with Iran, and despite multiple stories like this one saying we are on the verge of collapse. Prices sure don't reflect reality in any fucking way and it's mind numbingly impossible to try and predict.

[–] SaveTheTuaHawk@lemmy.ca 1 points 3 days ago

The same tank in the ground is going up and down 30% in price. Nothing to do with supply, but what local buyers will tolerate.

[–] RabbitMix@lemmy.blahaj.zone 12 points 6 days ago

They address this in the article

[–] Nonconfrontational@lemmy.ml 7 points 5 days ago (2 children)

You're burning through your strategic reserves. When these run dry, gas will be rationed, food will be impossibly expensive, or simply not on the shelves, and then the 2nd great depression starts and things get really bad. Art of the deal, baby!

[–] SaveTheTuaHawk@lemmy.ca 2 points 3 days ago

It's ok, we can fuel our cars with AI.

[–] SpaceCowboy@lemmy.ca 2 points 5 days ago

Golden age of America!

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[–] Fredselfish@lemmy.world 9 points 6 days ago (4 children)

Live not far from that town.

[–] Assassassin@lemmy.dbzer0.com 11 points 6 days ago (1 children)

Oof, hope you're better now

[–] Fredselfish@lemmy.world 6 points 6 days ago

I'm fine almost bought house in that town, but glad I didn't. It was next to the Rodeo and close to those tanks.

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[–] spacegoat@lemmy.world 2 points 5 days ago

Look like pie tins

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