Global Depression 2022 - Time to do the Breadline Boogaloo!

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Who is going to get hit the hardest?

  • North America

  • South America

  • Asia

  • Europe

  • Australia

  • Africa

  • The Middle East

  • Everyone's fucked

  • Nothing will happen

Results are only viewable after voting.
Stasi said:
ETA on them being "liberated" by the USA or some "democratic revolution" taking place?
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Not anytime soon. Oil companies are creating artificial scarcity by limiting supply. And even if they wanted to increase production or refinement capacity it's nearly impossible to with guberment regulations. There is no incentive for them to increase production domestically let alone coup some foreign country. America has so much oil in both proven and unproven reserves even at the current rate of consumption it would probably last another 3 centuries.
 
777Flux said:
Not anytime soon. Oil companies are creating artificial scarcity by limiting supply. And even if they wanted to increase production or refinement capacity it's nearly impossible to with guberment regulations. There is no incentive for them to increase production domestically let alone coup some foreign country. America has so much oil in both proven and unproven reserves even at the current rate of consumption it would probably last another 3 centuries.
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I don't doubt the Saudis and other get up to cartel shenanigans, but giant oil conglomerates are pumping and selling raw crude as fast as they can. With prices this high they just naturally make more money as the cost of extracting the oil doesn't increase linearly as oil prices go up.

You're right about investment. They aren't going to kick off new exploration with the current administration and also going into a recession where oil prices will drop.
 
Polarity said:
I don't doubt the Saudis and other get up to cartel shenanigans, but giant oil conglomerates are pumping and selling raw crude as fast as they can. With prices this high they just naturally make more money as the cost of extracting the oil doesn't increase linearly as oil prices go up.

You're right about investment. They aren't going to kick off new exploration with the current administration and also going into a recession where oil prices will drop.
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I suspect the O&G bigwigs are forecasting a hard fall in demand once the current mania passes, and therefore increasing capacity isn't really something they're worried about. No sense increasing capacity if nobody is going to buy oil due to demand destruction.
 
K-Hole said:
They are gibing us handouts here in Bongland. Just got a few hundred quid, got a few more hundred quid to come in the next months, plus a 400 quid gibs that everyone gets. Yah, I'm poor, which is why I get the dibs.

But they need to up that again. For everyone. That money printer really needs to get going Brrrrr...

It's a double edged sword really. You got Fuel prices going up on one hand. You got Food prices going up on the other. OK, it's a triple-edged sword, coz you got Inflation going up again on top of it. Like some kind of society death spiral.
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Governments should just keep printing money and handing it out to spend on necessities. I’m sure it won’t backfire.
 
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So the only way to make oil having countries safe from Uncle Sam's robbery is to make Uncle Sam a hippie who hates big oil. Honk!
 
Beavis said:
Governments should just keep printing money and handing it out to spend on necessities. I’m sure it won’t background.
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I agree. It is the easiest way to destroy the fiat currency scam and go back to real money, where I will be rich and most plebs totally bankrupt because they believed fake money had value, meaning I can buy all their shit at firesale prices. Come on Joe, fire up the money printers!
Thiletonomics said:
Didn't their newly elected president say that he would ban new oil projects?
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Good thing everyone's favorite economically illiterate bus driver next door in Venezuela won't be doing that any time soon, eh, Uncle Sam?
 
FatalTater said:
Columbia's got gas.

www.upstreamonline.com

Shell discovers natural gas off Colombia’s Caribbean coast | Upstream Online

European player and Ecopetrol unlock gas province in ultra-deepwaters
www.upstreamonline.com www.upstreamonline.com

archive.ph

Shell discovers natural gas off Colombia’s Caribbean coast | Upstream…

archived 13 Aug 2022 03:38:54 UTC
archive.ph archive.ph

Nothing will come of this, I'm sure.
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lmao and they only just got a leftist president for the first time in history. RIP Colombia hope the CIA backed coup doesn't kill too many civvies this time.
MasterBaiter said:

A cash payout of 6,000 kroner was sent to around 400,000 households in Dennmark on Wednesday in a measure intended to relieve people struggling with high energy costs.

The one-off payouts, which were agreed by parliament in March, were sent on Wednesday to over 400,000 households which meet the criteria set to receive the relief.

“We hope that this outstretched hand of 6,000 kroner will be a helping hand in a difficult time for Danes who are finding it hardest of all due to increasing heating prices,” the minister for climate, energy and critical supplies, Dan Jørgensen, said in a statement.

All residents of Denmark are eligible to receive the payments, provided their household meets the relevant criteria – not just Danish nationals as could be inferred from Jørgensen’s statement.

“It was important for the parties behind this agreement to help in a way that could be felt and in a targeted way. We think this cash will make a difference,” he said.

Households with a collective pre-tax income of under 706,000 kroner are eligible for the one-off cash boosts, which are costing the government 2.4 billion kroner.

Additionally, the household should be primarily heated by individual gas heaters, electronic radiators or be located in a district heating area in which the heating is produced by at least 65 percent gas.

Eligible houses do not have to apply for the cheque and will receive the payment automatically to their designated account (Nemkonto). In households with more than one person, the oldest member of the household receives the payment.

Jørgensen said on Wednesday that the government did not expect any further cash payouts to be made to homes heated by gas. Instead, the government’s focus is to move away from dependence on gas as an energy source.

“Before the summer holidays we made a plan that ensures we phase out gas as a heating source, he said.

Lmao Norway can send more electricity and cause Norwegians pay 5 times more . Too bad the government decided to stop selling so much liberally the electricity . I guess. Firewoods will do.
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It truly is maddening to watch the worlds governments continue to increase their money supplies like it's going to have any impact on the underlying supply crisis actually driving the surging prices. If anything you're prolonging the pain.
 
Governments giving money to the individuals because of high energy bills seems inefficient, since people are stupid and would waste it on luxury items instead of bills.
A better plan, I would think, would be for the government to give money to the utility companies so the company can lower what it has to charge, but it would have to involve an iron-clad contract to keep executives from lining their pockets and keeping rates the same.
 
FatalTater said:
Governments giving money to the individuals because of high energy bills seems inefficient, since people are stupid and would waste it on luxury items instead of bills.
A better plan, I would think, would be for the government to give money to the utility companies so the company can lower what it has to charge, but it would have to involve an iron-clad contract to keep executives from lining their pockets and keeping rates the same.
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There's a simple solution to this, it's called giving out 'energy credits'.
 
FatalTater said:
Governments giving money to the individuals because of high energy bills seems inefficient, since people are stupid and would waste it on luxury items instead of bills.
A better plan, I would think, would be for the government to give money to the utility companies so the company can lower what it has to charge, but it would have to involve an iron-clad contract to keep executives from lining their pockets and keeping rates the same.
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Printing money isn't going to conjure more fuel out of the ether no matter who they give it to.
 
Have another anecdote for the pile about the housing market starting to shift -- there's a place a flipper renovated here in <GROWING US WEST MARKET> that he put on the market at the end of the spring for a stupid, but probably achievable price if this were back in 2020. After months and no joy, he recently knocked a flat 25% off his original asking price. Still hasn't sold. Stalking Zillow in the metro area shows its not the only one that's been sitting long enough to start making the would-be sellers squirm.

Related, it's also been at least 3 months now since I last had some rando stick a "Wanna sell your place to Random Shady Investment Firm? No questions asked!" on my door. Temporary slowdown, or sign of an actual bubble pop on the way? Guess we'll see.
 
All the "for sale" signs in my area have changed to "for lease". They're giving up even trying, for now.
 
Another anecdote to add to the pile. Go to a popular restaurant once a month or so on the weekend. Usually place has a wait for a table but recently they haven't even been able to fill every table during peak hours. Have noticed it at other restaurants too. It appears the slowdown is beginning to show up on the service side of things. Anybody else noticed the same?
 
Socrates said:
Another anecdote to add to the pile. Go to a popular restaurant once a month or so on the weekend. Usually place has a wait for a table but recently they haven't even been able to fill every table during peak hours. Have noticed it at other restaurants too. It appears the slowdown is beginning to show up on the service side of things. Anybody else noticed the same?
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Nobody has any fucking money.
 
Ruin said:
Nobody has any fucking money.
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And the people that do have it are accutely aware that things are going to be getting very lean soon. I'm personally having to cut back on shit as well. I can only imagine how bad it has to be for people with no savings.
 
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