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From CNN:
The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.
The new discovery was made in just the past few days in Alaska's North Slope, which was previously viewed as an aging oil basin.
[...] "The interesting thing about this discovery is the North Slope was previously thought to be on its last legs. But this is a significant emerging find," Repsol spokesman Kristian Rix told CNNMoney.
Of course, this news won't ease rising concern among investors about the stubborn glut of oil in the U.S. There are increasing signs that shale oil producers are preparing to ramp up output after surviving a two-year price war with OPEC.
It's a gift from $DEITY! Who needs renewable energy when we just keep finding oil! Right?
(Score: 0) by Anonymous Coward on Sunday March 12 2017, @08:08PM
And that is how you return Russia to 3rd world status, unable to afford an effective military: keep the price of oil low.
Oil prices crashed in 2008 and in 2014 due to a reduction in demand not an increase in supply.
Oil is just a source of power. If we can substitute another source of power for oil, it will have the same effect on oil prices.
So we can cause the same damage to the Russian economy by making solar and wind power cheaper.
Solar is already the cheapest source of power in 60 countries. [sciencealert.com] Its on track to be the cheapest source of power in all countries by 2025.
The problem is new energy tech needs to compete with the sunk costs of already built systems. But, we don't have to make a wholesale replacement. Even just a 10% reduction in demand would be enough to send the price of oil through the floor.