Topic: Not just money but oil is most important in the World (Read 964 times)

what did you mean by "without oil, money will not be valuable"? Money is valuable because it is accepted by everyone as a globally exchange currency. On the other hand, we need oil to run factories and vehicles. We can still survive without oil if we live our lives in our old traditional ways how our forefathers did. oil is important in the digital world but not the most important valuables. You can say batteries are most important because things can run without oil but not without batteries.

Perhaps he is mentioning that the power of fiat currency would go down, as crude oil transactions accounts for a large fraction of the international trade. It is being said that the US Dollar derives it power, since it is globally used for export/import of crude oil and petroleum products. And many call the US Dollar as "Petrodollar". Remove the US Dollar from the petroleum trade, and you will find it's exchange rate and value going down drastically. And other currencies, such as GBP and CNY have tried to get themselves established in the oil trade, but they didn't had any success in doing so.

On survival oil might not be a need, but for many countries oil reserve is the only source of major income. So oil is an important thing. Countries like UAE and East Asian Countries could've never be in such heights if there is no oil reserve with them. Batteries are the innovation as an alternate to the oil usage on vehicles.

It is also worth remembering such a factor as the complexity of the extraction and development of new oil deposits. At the moment, mankind has used almost all "convenient" and more or less easy to develop deposits. There is oil ahead, which will be technologically difficult to extract. Here a problem arises - it does not sound very realistic, but it is a fact - not all countries, owners of oil deposits, have the technologies necessary for research, and even more so for industrial production!

I do not know how high it could get, but I know that it will not be as great as it used to be. Everyone around the world is going for green energy these days, which means even though we are still stuck with oil and gas for now, it will not be like that forever, eventually there will be a period in human history where there won't ever be a need for oil ever again, that will take few decades at least that is for sure, but between solar, wind, hydro and few others that I forgot, that is going to be something that is definitely worth looking into.

Plus entry to those business is not as hard as oil is, if you want to drill your own oil out of ground and sell it that is going to take you a lot of money, whereas if you just buy some solar panels and put it on top of your roof that is going to get you started, few thousand at most for a start is a good benefit of this business as well.

Well it never really full recovered back to its ATH, but congratulations who bet on oil big time when it his its ATL. Wasn't it that you could get oil at negative prices? That the paid companies to put oil on their tankers and just park it in the ocean to keep production going despite lack of storage space? Oil was so low that I can't believe I didn't play a nice long position with leverage at some point. Who knows how far it will recover, gasoline prices are about to go to ATH.

Oil prices are not what it used to be, it dropped significantly during last year's pandemic crash, and it never really fully recovered, it is going to be less and less wanted in the future. It doesn't matter how much money they make, which is less around now compared to back in the day, it is all about how many people prefer it. As long as people keep improving the renewable energy platforms, get more energy from solar panels, drop the capital required to build it and so forth, that R&D will come back and result with people using renewable energy.

At the end of the day which one would you prefer, keep paying for oil, or would you rather have something that you pay a lot at first but then free forever? Look at Tesla cars, you wait 30 minutes to recharge it, but then it is free of charge give or take, maybe few cents, whereas cars that run on oil may fill it up in a minute but it costs how many dollars? Eventually people will realize the difference.

Hmm ... why argue - just some statistics:

In 2020, the 27 countries of the European Union received more electricity from renewable sources than from fossil fuels for the first time. The share of coal, gas and oil fell to 37%, while wind, solar, hydropower and biomass accounted for 38% of total EU generation, increasing production by 10%.

Wind and sun provided a fifth of all electricity in the EU.
Renewable energy sources (RES) took the lead thanks to the continued rapid growth of wind and solar energy, which increased generation in 2020, despite the economic crisis, by 9% and 15%, respectively. Together they provided 19% (almost a fifth!) Of all electricity in the EU last year: wind accounted for 14%, sun - 5%.

For comparison - statistics on sources of generation for 2019:
  Coal / Peat (38.0%)
  Natural gas (23.0%)
  Hydro (16.2%)
  Nuclear (10.1%)
  Wind (4.8%)
  Oil (2.9%)
  Biofuels and energy from waste (2.4%)
  Solar (2.1%)
  Geothermal, tidal and others (0.5%)

Does anything confuse you in your post?

Total - the volume of electricity generation, from renewable sources, is already significant in the total share. And the process is in fact at the beginning of true industrial green energy production. BUT

   Somehow not just money that we need in everyday, not just money work in everytime. But we Never think that we also used other resources that is also important in everyday like Oil. Oil is one of the Resources we needed like in every day transportation, and second is Electricity, Oil are really needs so that it can produce an electric. I'm not saying that oil is important than money but i just want to explain is both of them are really need to work it easily cause without money we can not buy Oil, and we without Oil we can not produce electricity to make it faster the work and finished it early that's two resources how important to us  balanced.

Oil has got a very big history. It is not USA, China, Russia or India. There are more other countries that have grown out of oil. In the past fake demands were made by the countries that produce majority of the oil. Through the oil several countries and millionaires have grown big. Now few of those countries are facing its hard days of economic situation. Another thing the world is moving for an alternate solution for the oil usage. Oil won't be in that demand after few years.

Petrol is incredibly energy dense and and really offers an excellent combination of efficiency and utility for the amount needed, so it's no wonder that oil became the dominant source of energy on the planet.  All modern economies were built on the utilization of oil.

Thats the point and this is what I am trying to tell people on this thread some people choose to argue about the opinion. Besides, the world shouldn't depend only on oil and gas as a means to fuel transportation if we want a healthy environment with less or no carbon emissions.
This will also limit or stop the false calm of the government about crypto mining carbon emission.

- Well, industries as well as many other fields really always need an extremely large amount of oil and this resource is also gradually depleting, only a few countries have an abundance of oil resources, experts have also estimated the duration of this depletion and are building alternative resources, so we might think that oil is important right now but its place in society in the future will be much lower. But research and replacement requires many processes and in that time, oil price wars will still be very strong for countries to seek the greatest benefit for them.

Not only USA, Russia and Saudi Arabia are also Major players of Oil Market and  controlling supply of crude oil. USA is actually manufacturing oil by using Shale oil technology which is very costly process  whereas Saudi Arabia and Russia are floating on Oil lakes so obviously its production cost is much much lower. The problem of USA is Huge debt which is very bad for the dollar in the long term and it will certainly reduce the value of Dollar in coming months and years and American economic growth is very slow compared to China..

I disagree. I have another thought - there is nothing in industrial production that does not use electricity and metals! Can you dispute? There is no need to make a fetish of oil ... Oil in one of the sectors of the world is already actively losing ground - motor transport. In the coming years, many auto manufacturers will jam a small or significant part of their products into electric cars, and some countries simply prohibit the sale of passenger cars with internal combustion engines.
Plus, electricity generation using renewable and "green" technologies is becoming more and more available for mass use, and is constantly approaching the volumes generated by nuclear power plants. Yes, natural hydrocarbons are fuels and plastics. But plastics aren't just made from oil. Now a huge amount of waste from hydrocarbons has accumulated, the processing of which can become a source of production of a significant part of plastics. Plus, "non-oil" plastics and their analogues have appeared.

Apart from the Arab countries and some of the smaller nations such as Brunei and Trinidad , none of the oil producing nations are doing well. I am talking about nations such as Nigeria, Angola, Iraq and Venezuela. In some cases, these countries are in a poor state even when compared to oil importing countries. I would say that only a minority of the oil producing countries have benefited from these natural resources. In most of the cases, the oil deposits have become a curse just like the case with Libya and Iraq.

It is not about just oil reserves, Norway is a nation that cares for its population and that is why they are doing so much better. Saudi Arabia kings make money and they spend it on awesome stuff for themselves as well, just check the royal family and what they own, the whole family, and you will realize that they "could be" richer than all of Norway, because we are talking about a nation that has a royal family that only enrich themselves and let everyone else suffer.

On contrary to that Norway does everything right, get money? Spend it on education for kids, got money? Spend it on healthcare, still have money left over? Put it aside for any need in the future such as pandemic for example. Long story short if you are a decent nation with politicians caring for its citizens then you are not going to end up with anything that is hurtful to anyone, and oil will be a bliss instead of doom.

Here you have correctly noticed - if you take also the sale of gas for export, you will get approximately the same figures that you indicated.
Regarding "it's a pity that the economy is not diversified" - I recently wrote in my post that it so happened that not everyone uses the brain for its intended purpose. For some, the goal is to steal, degrade, lie at every step, and at the same time continue to fundamentally degrade. Russia has never been an adequate participant in the world community, even during the time of tsarist Russia, even though being the RSFSR (with the USSR), even now Read about the global degradation of the foreign economic position - from losses in the resource market to reputational losses in the arms market (2 article after sales of hydrocarbons). Moreover, the losses in the arms market, the loss of customers are associated with the disclosure of a systemic lie about "technologies that have no analogue" in the RF military-industrial complex and its products. The problem came from where it wasn’t expected. If you know, over the last century, the Russian army (using supposedly high-quality weapons) has never fought against at least more or less serious opponents. All their confrontation is aggression against those who are guaranteed to be much weaker, where it is guaranteed that you will not receive a serious answer. So, as soon as the Russian army found itself in opposition with serious opponents (in Syria, Libya, Azerbaijan they were opposed by Israel, Turkey), it turned out that all this vaunted Russian weapons had no efficiency and could not perform their tasks efficiently. The market reacted instantly - the rejection of contracts. Only after a couple of years, the military industry of the Russian Federation lost more than 10% and the trend for a further decline continues. This is a sad reality, although an illustrative example is when the rulers think only about their own personal benefit ...

The oil being mentioned accrued to money, so you can actually say that oil is money. You can just source your money from other means but in my country oil brings in more money for the government.

For Russia, the figure that you mentioned (30%-40%) is just for crude oil and petroleum products, right? I suspect that if we add natural gas as well, then the numbers will be close to 50%-60%. And these two needs to be grouped together, because the natural gas prices are closely linked to the crude oil prices (with a lag of around 6 months, I guess). But it is a shame that the Russian economy is not diversified. They are the largest country in terms of surface area and has enormous amounts of mineral deposits. On top of that, they have huge swathes of arable land (most of which is unused). It is tragic. Irrespective of whatever deposits you have, all of them are useless if the country is being ruled by incompetent people.