Wednesday, February 24, 2016
What's Up with Oil Prices?
I understand that some of the world's oil producers are selling oil at fire sale prices which is lowering the price of oil globally. More than 20,000 Albertans have lost their jobs because the companies they worked for say that they can't keep them on and make a profit with oil prices so low.
Every day we use more and more of our world wide oil resources but there's a finite amount of oil in the ground! One day we'll run out! One day the Arab states will run out of oil. Venezuela will run out of oil. Indonesia will run out of oil. Russia will run out of oil. And even Canada will run out of oil! So, why the low prices?
Don't give me that supply and demand crap, either! I repeat; the supply of oil is extremely limited and the demand continues to rise. You cannot conserve oil by selling more of it at extremely low prices! I think some of these oil producers need to wake up and smell the coffee.