‘I’m Just Living a Nightmare’: Oil Industry Braces for Devastation | Hacker News Reader

‘I’m Just Living a Nightmare’: Oil Industry Braces for Devastation

nytimes.com

30 pointsfreediver10 comments

Every dollar not transferred to the oil industry is a dollar that can be spent on other things.

To put it another way, the number of people who benefit when oil prices go down far exceed the number of people who lose when oil prices go down.

And nobody really positions it this way, but the big beneficiaries are really terrible foreign regimes. So from a national security standpoint and an environmental standpoint, the movement away is a huge win.

Not now. The US produces lots of oil, but they do it through fracking - which is more expensive.

When prices fall, US producers get hit first, and harder.

The ratio of benefit still stands despite the crush domestic oil producers are suffering.

I’m sure people will be lining up to show their sympathies for the oil barons. I’ll hold my breath.

In politics, money can buy you love. On Capitol Hill, all you need is 51 + 218 friends, right?

Edit: Things have changed since the days when a journalist said that Standard Oil had done everything to the Pennsylvania legislature but refine it. However, one cannot run a campaign of any size without money, and those with investments in oil are willing to spend, not only on campaign advertising but in setting the terms of the debate (climate change, for example). Less cynically, if one is in an oil-producing or oil-refining state, there are a lot of jobs to consider.

There are too many factors at play right now to do anything but delay the inevitable.

I don't feel too bad for the oil fat cats but when oil prices fall it can hurt the electric and fuel efficient vehicle industry as well. Granted prices will go back up as soon as this is over. Its not to say that people don't care about the environment at all but cost does have a factor.

And which car company isn't hurting right now besides Tesla?

Good for climate change.

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