{"id":8055,"date":"2018-05-11T10:20:55","date_gmt":"2018-05-11T09:20:55","guid":{"rendered":"http:\/\/www.theoillamp.co.uk\/?p=8055"},"modified":"2018-05-11T10:20:55","modified_gmt":"2018-05-11T09:20:55","slug":"one-thing-learnt-week-oil-prices-3","status":"publish","type":"post","link":"https:\/\/www.theoillamp.co.uk\/?p=8055","title":{"rendered":"One thing we have learnt this week – oil prices"},"content":{"rendered":"

\"Hormuz<\/p>\n

Oil prices are moving up again.\u00a0 They have been increasing slowly and steadily for the last 6 months<\/a> but of course have surged in the last week.\u00a0 The reasons for the recent increase are fairly self explanatory.\u00a0 Rising tensions between Iran, the US and Israel.\u00a0 The Straight of Hormuz runs past Iran’s coast and would be relatively easy for them to disrupt.\u00a0 20% of the worlds oil moves through this waterway.\u00a0 In a straight fight between Western Aircraft carriers and Iranian forces they would lose but they have midget subs, missiles and fast motor boats.\u00a0 There is more to this issue than that.\u00a0 An attack on Iran would disrupt not just this but also potentially the oil production itself.\u00a0 Hopefully calm heads will prevail.\u00a0 The international agreement with Iran although not perfect should be respected by the US.\u00a0 You cannot just tear-up international agreements.\u00a0 After all if try to negotiate new ones in the future who will believe you?<\/p>\n

The rise raises a number of issues.<\/p>\n

First, the middle east is still very important to the oil supplies and will continue to be so for many years (for all the talk of US fracking).\u00a0 Saudi Arabia has an enormous renewables program.\u00a0 Some of us think this is to reduce their dependence on their gas production (which overlays their oil), allowing them to cut production and force prices up.<\/p>\n

Second.\u00a0 If high oil prices persist it will be interesting to see what happens.\u00a0 Will US fracking take off again?\u00a0 Fracking in the US probably has about 5 years before production peaks.<\/p>\n

Third.\u00a0 Why have oil prices been moving up over the last 6 months? There is no real answer.\u00a0\u00a0 Stocks were said to be high.\u00a0 Many of the global trends are against oil use.\u00a0 It could be because of rising tensions over this time.<\/p>\n

Last.\u00a0 If these high oil prices are maintained for any length of time what does it mean for energy prices, renewables and electric vehicles.\u00a0 In principle it should accelerate development of all these.\u00a0 At the moment there are many questions but few answers….<\/p>\n

Neil<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil prices are moving up again.\u00a0 They have been increasing slowly and steadily for the last 6 months but of course have surged in the last week.\u00a0 The reasons for the recent increase are fairly self explanatory.\u00a0 Rising tensions between … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[29,17,3],"tags":[],"class_list":["post-8055","post","type-post","status-publish","format-standard","hentry","category-energy-costs","category-one-thing-we-have-learnt-this-week","category-peak-oil"],"yoast_head":"\nOne thing we have learnt this week - oil prices - The oil lamp - shining God's light on peak oil<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theoillamp.co.uk\/?p=8055\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.theoillamp.co.uk\/?p=8055\",\"url\":\"https:\/\/www.theoillamp.co.uk\/?p=8055\",\"name\":\"One thing we have learnt this week - 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