 | Report: The Interplay between Climate Change and Peak Oil | The Oil Drum | The cost of wind, the price of wind, the value of wind |  |
144 comments on Drumbeat: May 6, 2009
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144 comments on Drumbeat: May 6, 2009
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Probably jokuhl. Last time I saw the numbers it was costing $1/bbl/month to keep the oil afloat. So write another $2 million check this month and maybe make an extra $6 million or more next month. Just another high stakes game of chicken.
If/when the economy turns around the price of oil will rise if demand increases - but at the moment it looks like a good bit of world production is just going into non-productive storage.
If storage gets to full capacity before any economic recovery then oil demand will suddenly fall some more - and so will the price if people like OPEC can't afford to drop production yet more.
So, which happens first, full oil tanks, depletion/curtailing of existing production, or economic recovery?