Plenty Of Oil -- What's Up With That? -- April 24, 2020

From What's Up With That today:

I remember through the 1970s, we were meant to run out of oil, soon. In fact, as long as I can remember we have been running out of oil, soon.

Instead, oversupply is such that the benchmark for US oil fell below zero for the first time ever a couple of days ago. That is, the share market suggested oil couldn’t even be given away because it was in such oversupply.

There is no shortage of oil despite more than 7.6 billion people on planet Earth, and so many vehicles powered by it.

Prices have collapsed, because despite all the pumping from ‘Mother Earth’ since I was a child, there is still more. Because of the pandemic, global demand, not supply, has fallen dramatically. In fact, the worldwide supply glut has created a worldwide shortage of storage space for oil.

And the writer throws cold water on Michael Moore's new movie. Wow, I'm glad I didn't watch more than the first five minutes. Calling it tedious is being kind. 

In 2017 and 2018, the US set new all-time records for proved reserves of crude oil, liquid condensate and natural gas.

Trump was elected president in 2016 and he assumed the presidency in early 2017, remaining in office through 2018, and will probably be in office to the end of 2019 when another record will be set.

Of course, prior to his presidency we had this doofus (if you ever want to find this clip quickly, search "doofus"):

Doofus-in-Chief

By the way, with oil now priced below $20/bbl, I assume global reserves will plummet. Just like that.