Monday, December 11, 2017

Oil-producing countries should all rapidly sell their crude before the world switches to alternatives sources of energy [COMPACTIDEA]

Felt this while reading the following text in this FT article:

"Strikingly, the oil fund’s advice for it to be allowed to sell out of petroleum stocks was grounded not in climate change arguments but financial ones. The fund owns about NKr320bn ($38bn) of oil and gas stocks, compared with the NKr350bn value of Norway’s stake in Statoil and about NKr4,000bn in petroleum still in the ground."

So Norway has about 475 billion dollars worth of unsold crude. Add Russia, Saudi, Iran, Venezuela, US, Canada, Iraq, China, Kuwait, Mexico, Brazil, Syria, Libya, and others. There's so much unsold crude oil left in the world. And a change could be just on the horizon - a likely permanent shift of mankind to clean, environment-friendly, and renewable sources of energy to power our planet. Crude oil might become worthless then. Unsold hydrocarbons lurking beneath the ground are better sold today [at whatever price] or else it could be a junk stock tomorrow.

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