Good + Bad news on future gasoline prices (fresh off the press): The recent OPEC meeting in Doha failed to agree on an anticipated production quota for oil. Markets are already starting to react and we’ll be in for lower gas pump prices for quite a while. Good news for us, bad news for Gaia.
Looks like Iran + Saudi Arabia (Shia + Sunni ) will be waging an economic war of chicken, driving down global oil prices.
That may be good for your pocket book over the short term (and I will also be smiling at the gas pump only) – but it’s really, really sad for Gaia and our children’s future. What it really means is that both Saudi Arabia (whose oil reserves are WAY overstated – insiders have known this for a long time) and Iran will try to outpump each other to break their opponent’s economic health. The last, decades long war these two countries had killed 100’s of thousands – this one may last longer and be more devastating in the long run – globally.
Just when we think we may be coming out of an artificial bubble of low oil prices, another political twist continues to accelerate our inevitable rush toward post peak oil mayhem.
But stay tuned: One little ‘incident’ in the Strait of Hormuz or OPEC country could spike oil prices at any time.
The ‘great unraveling’ (WTR) of our fossil fuel bubble continues at an accelerated rate now.