Oil prices continue to struggle

As someone who lives in a country where oil makes up a massive part of it’s workforce and economy and as someone who considers themselves concerned about the environmental disaster we are facing, it’s fair to say I have mixed feelings about oil.

Oil prices struggling has been very hard on people in Scotland and particularly in the north. Places like Aberdeen have surging unemployment as the oil industry suffers blow after blow.

I wonder what you guys thoughts are on oil price recovery and on oil in general as an investment?

P.S. it’s not my birthday today :upside_down_face:

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…but it is your anniversary!!! (Or so it says) a year ago you joined Pynk community. True?

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As far as the oil industry goes- sadly, like many others, the effects of CoVid are being seen. Some struggles will be permanent. But I do believe the oil industry will rebound once CoVid is under control. Obviously that’s going to take time, so now is the time to invest in the oil industry. (In my opinion) . The demand will come back.

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Difficult to make a case for any kind of long-term investment in fossil-fuel related industries, unless particular companies which are/were historically fossil-related are demonstrating well-planned and, better still, well-implemented actions to migrate into non-fossil energy sources.

For decades, successive UK governments have failed to invest either significantly or sensibly in alternative energy schemes at the kind of levels required to replace entire industries like Oil and Gas. No doubt similar observations can be made in other countries the world over.

Regrettably, as far as Scotland is concerned, I can only foresee a continuing - and worsening - long-term future for the oil industry, the boots-on-the-ground workers within it and the communities it, even now, barely supports.

Honestly wish I could be more upbeat, but … :frowning:

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I guess that would be about right :slight_smile:
Happy anniversary to me then! :cupcake:

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Yeah, I don’t disagree with you at all there @PynkIan, the oil industry in the north f Scotland has been in decline for some time now and Covid seems like it could be the final nail.

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Happy Anniversary @Al_Wallace!!
My thinking is that oil industry is a dead man walking. We don’t need anymore burning fuel to get the energy we need and if like 8 - 10 years ago it was maybe a fantasy and for most of the people a too far futuristic reality, now it is well in public domain that we have all the technologies and means to avoid to burn stuff in exchange of energy.

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It is also @pf1 anniversary!

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Happy Anniversary to you too @pf1 Philip!!:partying_face::partying_face::partying_face:

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It’d be good to see the back of the oil industry @Tradelta, and your right about alternatives for energy and vehicle fuels.

But if you have a quick look around you in your home, you’ll notice just about everything has oil derived pieces and parts. Make-up, deodorants, soaps even some tooth pastes contain oil derivatives :scream:.

I read somewhere there’s over 6000 products that rely on the sticky black stuff!

Big Pharma is reliant too for much of what they produce (thank Rockefeller for that! :angry:).

Until we find better or at least equivalent materials to replace every type of plastic or oil derived product we’re stuck with Texas Tea :oil_drum:

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Happy “not your birthday” bud :grin:

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Ouch…you are super right about it…I wasn’t considering all this :sweat_smile::thinking::thinking::thinking:

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Spot on there @stackem, I think only about 40% of a barrel of oil is actually used for gasoline. So we are definitely heavily reliant on it.

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