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The Peak Oil Plateau Is Close

Production
Summary

Oil demand growth is flattening rapidly.

Peak oil demand is likely to happen in the next five to 10 years.

Borrowing has become very difficult, production is limited to cash flow.

Oil prices are likely to rise in the intermediate term.

Higher oil prices will spur the adoption of EVs and alternative energy.

This idea was discussed in more depth with members of my private investing community, Margin of Safety Investing. Get started today »

For what it’s worth, I do not vilify the use of fossil fuels in the past. For a very long time, using coal, oil and natural gas were the only options for improving global standard of living. I believe we need to keep that in context, even as the fossil fuel age ends.

With one recent exception, that might prove to be early, but not wrong. My analysis of oil has been spot on since around 2000 when I first bought Occidental Petroleum (NYSE:OXY) and a while later Petrobras (PBR) just after its IPO. In 2011, on MarketWatch, I predicted the shale boom a few months ahead of research reports from Goldman Sachs (GS) and Citigroup (C). In June of 2014 on MarketWatch, I forecast a large decline in the price of oil, possibly extremely lower. Extremely lower occurred.

Since then, we have seen one substantial rally in the price of oil which I also forecast. We also have seen the most recent drop of oil prices become a far more pronounced crash in oil (and gas) stocks – an occurrence I thought would be a mere correction, but that turned into a collapse.

The short run for oil is going to see more pain for most high debt oil companies that hold second best energy plays. The majors are not only overweight dead assets, but face a unique problem of litigation related to their climate change-related activities.

When the short-term carnage is over, the coming “plateau” could be very profitable for those who can pick the survivors. Most of the survivors have two things in common: Low-cost conventional assets and a major Permian presence.

What Is The Peak Oil Plateau?

As I define it, the “peak oil plateau” is the period during which oil supply and demand growth flatten and will be roughly in balance. Here’s a simple chart I scratched together a couple years ago extending then EIA projections.

As you can see, my projections have peak oil demand a bit over 105 million barrels per day in the next several years. That is fudgable by a few million barrels and a few years, but I believe generally about right based on different sets of extrapolations I have compared.

Demand Destruction For Oil Is Closer Than You Think

Over the next several years, demand growth for oil will come to a halt. That flies in the face of projections by OPEC, most oil companies and especially amateur oil permabulls. Here’s a summary of graphics from BP’s (BP) Peak Oil Demand And Long-run Prices report.

Peak Oil DemandExxon Mobil (XOM) in their 2019 Outlook For Energy state that “demand growth slows beyond 2030.” Their projections assume EV and alternative energy adoption near the low-end of projections I’ve read and 16 million barrels per day of increased oil demand from emerging markets by 2040.

Oil Demand ExxonEven with those assumptions, Exxon never sees oil demand exceed about 112 mbd. This is a dramatic shift from just a few years ago when their projections had oil demand increasing handily through 2040 to well over 120mbd. OPEC has seen a similar shift in outlook.

Let’s use BP’s chart again with some annotations and explanation. Note that the EIA and IEA have similar projections based on current policies. Those policies include energy production policies, such as clean air and clean water requirements as well as climate change policies.

Oil Decline To 2040What you see is that I believe that the IEA Sustainable Development will be the true impact on oil demand. I will take that a step further – I believe it’s the base case. Why?

My analysis points me to four rapidly moving developments:

  • Climate change policy at the government and corporate level is offsetting oil demand growth now. Changes to law and business practices to fight climate change are becoming more pronounced. China and India are in the early stages of massive clean energy pushes. Many emerging markets are skipping right over fossil fuel based electricity grids. As soon as a Democrat becomes president (which I put at over 85% likely in 2021), policy changes will become even more pronounced in the United States.
  • Technology improvement in battery technology for EVs (electric vehicles), hybrid vehicles and energy storage is happening quickly. My projections are that in roughly four to six years, passenger EVs will be completely cost competitive with ICE vehicles. Recent improvements and deals by Tesla (TSLA) indicate that at least the high end of the market will get there. However, the unveiling of the new Ford (F) Mustang demonstrates the entire market might be there very soon. GM (GM) plans to launch 20 fully electric vehicles within four years. Toyota (TM) hybrids are already cost competitive with ICE. Volkswagen (OTCPK:VWAGY), Volvo (OTCPK:VOLVY), BWM and others are on the way as well.
  • Demand for petrochemicals is wildly overstated. There’s already technology to replace much of the petroleum used in plastics. One company at the forefront is Newlight Technologies with their AirCarbon technology. Coca-Cola (KO) and Ikea already have used AirCarbon plastics.
  • Solar breakthroughs seem to occur each week. Efficiency is getting so high that solar is being used to power oil fields (that’s ironic isn’t it) and to replace coal fired power plants. It’s even accelerating past wind power now. One use for solar is being developed by a Bill Gates funded startup that just showed the ability to reduce fossil fuels for cement and other industrial uses by up to 60%.

Here’s where I think even the International Energy Agency data is light. The IEA projects over 130 million EVs on the road by 2030. I think this projection is extremely low. The U.S. alone could make up close to that number with minor improvements in adoption rates once Ford and GM come to market.

U.S. EV AdoptionGreentech Media

China and Europe remain the leaders in EV adoption. If China should reach the 30% market share for EVs they are seeking, then EV adoption by 2030 would exceed 250 million. It should be clear the pressure exerted by EVs on oil demand.

Ships (driven by IMO 2020 standards) also are becoming more efficient. This is in an age of tariffs that’s running into machine learning also moving supply chains. The moving of supply chains means that ocean container travel is likely to be lower for longer, and maybe forever, in addition to using less petroleum per mile.

Airplanes also are becoming more efficient, though delays in deployment are difficult to project. We have seen the Boeing (BA) 737 MAX grounded for months now. Even with growth in air travel, a recession or two in the 2020s, and aging of the global population could cause a flattening in air travel growth. My projections for jet fuel use are more flat than falling over time, but this does offset the general growth bias of most investors.

The theory that emerging markets will prop up oil demand also is proving to be a fallacy. Essentially all demand growth for oil is coming from the U.S., China and India. All three are looking to curtail that growth and reverse it by 2030. China and India already have passed legislation and California, which is one-sixth of the U.S. economy, is on the leading edge in America.

Global Oil Demand Growth

McKinsey provides a graphic that essentially labels my “base case” for oil use as their “new normal.”

McKinsey New Normal Oil

Extending this section into a book would not be difficult. Investors must accept that pressure on oil demand is real and accelerating.

Oil Supply Investment Is About To Crash Again

Capital budgets among U.S. oil producers have been flattening for a year now. Barclays (BCS) has estimated at least a 2% drop in capital spending this year and up to 7%. Cowen & Co has suggested total spending compared to last year to be down 10%-11%.

As it stands, borrowing to increase production is almost non existent for the industry. Refinancing debt that’s due has become difficult as well. At the DUG Midcontinent conference this week, as reported by Hart Energy, Guggenheim Partners managing director Subash Chandra said the industry is “in a full-blown liquidity crisis on top of our capital intensity issues.”

Projections for next year’s capital spending range as extreme as a 30% decrease. I don’t think that is likely, not yet. Here’s why.

As I said above, I think it’s very likely that a Democrat wins the presidency in 2020. All of them are saying they will end new drilling on public lands and offshore. Under this scenario, it would behoove companies to “drill, baby, drill” next year on public lands and offshore with every dime they have.

If by about March we do get a signal that the President Trump is floundering, I would expect companies to revise their annual capex as high as they can afford for 2020. They would drill and frack, quite possibly capping where they can.

Interestingly, Russia just stated they would be waiting until March to make an announcement about whether or not to change output. There could be a significant glut of oil next year only to fall off rapidly after the election.

What Can A Democrat President Do To Fracking?

Several Democratic presidential candidates also are saying they will ban fracking. Here’s what to know about that. Legally, that’s not something that can be done with an executive order – at least not without an immediate legal challenge that would like result a ban being at least temporarily halted.

In addition, the Republican tax cut bill included an underreported section that opened up oil drilling in large portions of the 19 million acre Arctic National Wildlife Refuge. And President Trump has been selling leases on public lands at a record pace with prices as low as $2 per acre. That throws a monkey wrench into undoing the leases.

What the executive branch can do and would do is work through existing air and water regulations to control fracking activity. This is an opinion that Wood Mackenzie also shares.

Gov. Gavin Newsom just imposed a moratorium on drilling and new leases on California due to spills and leaks. As somebody who has been to all the major shale plays except the DJ since 2011, I can tell you, there’s leaks and spills everywhere. The flaring of natural gas also is pervasive – take a look at any night time satellite image of America, you can see the oil fields glaring bigger than the megacities.

Environmental regulations strictly enforced would make certain oil projects uneconomical and those would stop for business reasons. In the intermediate term, that would in fact drive oil prices back up – a likelihood that Harold Hamm alluded to this week at DUG.

Democrats of course want to drive the price of oil and gas up at least from the current rock bottom levels. Driving up oil prices would spur the adoption of EVs and alternative energy even faster, which of course is a climate change policy goal.

Killing The Oil Zombies

In the next year, oil prices look likely to look weak and range bound, unless there’s a greater conflict in the Middle East, which could certainly happen.

The most recent decline in oil and natural gas prices already has been nothing short of cataclysmic for many exploration and production companies.

I outlined on Seeking Alpha the reasons “why oil stocks are priced for Armageddon.” Among the chief causes are an early stage shift away from fossil fuels, poor financial management in the shale patch, a remarkably strong divestment movement for oil and gas stocks, and general disinterest by Millennial investors.

Also, from what I can see, most oil executives and boards of directors did what they could to line their own pockets at the expense of shareholders. Many should face clawbacks as far as I’m concerned, and a few should get criminal charges (I felt the same way about bank executives and bank boards of directors during the “Great Recession”).

So far, we have seen the prices of many companies down well over 50% from rebound highs in 2018. Chesapeake Energy (CHK), a company I believed would survive, is on the verge of a reorganization that will likely wipe out or nearly wipe out current shareholders.

Larger, more oil focused companies, such as ConocoPhillips (COP), EOG (EOG) and Occidental Petroleum (OXY) are down 30-45% from 52-week highs. Even majors Exxon Mobil and Chevron (CVX) are down 17% and 5% from 52-week highs.

Clearly, some of this is piling on. Throwing out the babies with the bath water. That said, the bath water is very dirty.

If the price of oil (and gas – which is almost certain) remains low in 2020, then it’s almost assured that bankruptcies among companies not operating out of cash flow skyrockets. Bankruptcies already have ticked up in 2019:

Oil Company Bankruptcies

In Q1 of this year, I showed members of Margin of Safety a screen I run that showed only about a dozen shale companies were operating out of cash flow. A recent Rystad study of the 40 largest shale producers show that they had turned cash flow positive as a group by $110 million over capex.

What should be understood is that it’s the performance of a bit more than a dozen companies that drove that positive cash flow. I covered most the companies that turned cash flow positive earlier this year in an article titled the The Dirty Dozen Oil Stocks For 2019 and another discussing Permian players, ripe for M&A activity.

In the short-term, the next year or two, only a dozen or so companies in the shale patches and maybe Total (T) in my opinion among majors are sure survivors of the coming zombie apocalypse coming the next year or two. The rest of the batch, be careful of.

The Bullish Intermediate Term For Oil

So, if oil investment declines after 2020 due to regulations, then the intermediate term for survivors looks good.

Consider, fracked wells have fast decline rates, losing at least a third of production sometime in year 2. A dramatic drop in fracking could be interpreted as a supply disruption. I think that disruption would be short lived however, as Saudi Arabia would return to the “drill, baby, drill” mentality and cap oil prices under $100 per barrel.

Oil Price Scenarios

Companies with lease holds on public lands already are getting to them at a faster rate because they know those are the one most likely to go away. Oil executives with drilling rights on public lands are very likely to drill those in 2020. That is in fact already happening.

If I am an oil exec, I’m also drilling and fracking as many wells as I can afford to, even if I have to cap them short term. I expect that most companies with cash will come in at the very high end of their capital budgets in 2020 or slightly exceed.

That means the price of oil, short of a greater Middle East conflict and disruption, likely does not reach $80 per barrel in 2020 as I had previously thought. There’s huge uncertainty of course.

After 2020 though, I think the price oil rises are likely to rise due to changes in policy, financing tightness, decline rates and requirements by investors to operate within cash flow and return money to shareholders. The death of the oil zombies will make the survivors big winners off of bottom fishing prices.

The Bottom Line On The End Of The Oil Age

Regardless of what you want to believe, the end of the oil age has started. We are no longer in batting practice. We are into the game and working our way through the line-up.

No doubt there will still be trading scores to make. And that’s how to think about oil now as an investor, if you want to play in the oil patch at all. Oil investing is dead, but long live oil trading.

I continue to believe that the Permian players are the best bets. I don’t like companies focused on California, Colorado or Oklahoma. The Bakken will have some legacy winners, but several are on long-term run outs of their businesses and without large dividends are of little interest.

Also, as I said a couple years ago, deep water drillers are doomed, even if oil prices surge. Bankruptcies and the collapse in projects has proven that out and there is no return. Exxon will learn that in Guyana soon (more on that in coming weeks).

Some of the oil companies will move into the next era of low carbon energy, making them highly attractive on share price crashes. Incorporating carbon control technology and alternative energy is the next logical step for long-term focused companies. I will cover these in coming articles.

Contact Kirk Spano by direct message to receive your first year with Margin of Safety Investing for half price – only $249.50. Find out how our team can help you beat the markets in up and down cycles. Our approach could prove very valuable in a slowing economy with flat earnings and international risk rising.

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141 Comments on "The Peak Oil Plateau Is Close"

  1. Davy on Mon, 25th Nov 2019 5:04 am 

    “Fed’s Kashkari Says It’s Time For The Federal Reserve To Start Redistributing Wealth”
    https://tinyurl.com/rz2xono zero hedge

    “While the Fed sternly refuses to acknowledge that the rotting cancer at the heart of its chronic inability to correctly diagnose the US economy (just over a year ago, we were a “long way away from neutral”… then just a few months later, the Fed flipped a U-turn and not only started slashing rates but launched QE4) is its inability to correctly measure inflation, and specifically admit that asset price inflation matters just as much as “economic” inflation…even as it chronically underestimates just how disproportionately more rising prices impact poorer Americans compared to richer ones (as we discussed previously here), it appears to be more than happy to propose expanding its role, and besides determining monetary policy, it is now generously willing to also opine on proper wealth distribution, read keeping rates low forever, and dooming all those who save to financial extinction…And now, instead of finally admitting that this core premise behind its 106 years of failed monetary policies which have made the bubble-bust mentality the norm and which guarantee that the next crash may well wipe out not only the Fed itself but western civilization as we know it, the Fed’s proposal is a “modest” one – give it even more power to determine who is rich, and who is poor, and asks just one thing: trust it that this time it will get it right. Of course, the real motive behind Kashkari’s modest proposal is even more nefarious: the eventual fusion of monetary and fiscal policy, which in turn will greenlight the direct monetization of US debt by some super-governmental authority, call it the Treasury or whatever – one which we are confident will also be headed by a group of people who will never be subject to a popular vote – in hopes of allowing the US to effectively issue unlimited amounts of debt, i.e., launch MMT, in the process sparking enough inflation to finally inflate away America’s staggering debt load.”

  2. JuanP on Mon, 25th Nov 2019 5:47 am 

    DavyTurd Blossom:

    Thank you for posting an excellent summary of Trump’s ten impeachable offenses. Glad to see you’re moving away from the typical Zero IQ conspiratorial nonsense you are known for peddling. The facts about Trump’s malfeasance in office are well documented. Welcome to the real world, Turd Blossom.

  3. JuanP himself on Mon, 25th Nov 2019 5:53 am 

    Lol, this is the real stupid. Here is some advice for you stupid, don’t stay up all night and expect to be less stupid.

    JuanP said DavyTurd Blossom: Thank you for posting an excell…

    Ps man up fuckface

  4. Davy on Mon, 25th Nov 2019 6:03 am 

    Fuckface, poo poo breath, cuntface, cum spit, stupid head, Trump cocksucker.

    I love my potty mouth cause I’m showing my deplorable bona fides.

  5. JuanP on Mon, 25th Nov 2019 6:12 am 

    Please, DavySkum, keep screaming your support for President Chump from the highest mountain and keep posting the pro-Trump conspiracy editorials. The more folks understand the type of people, like yourself, who are Trump cultists, the more votes you will pull away from the orange fat man.

  6. Davy on Mon, 25th Nov 2019 6:19 am 

    We all no how triggered I am when I use the fuckface word cus fuckface is a real bad cussin wurd.

  7. JuanP on Mon, 25th Nov 2019 6:20 am 

    Thanks to Davy’s support for President Chump, I’m doing EVERYTHING within my power to make damn sure the fat sack of shit loses and loses big.

    I’m fundraising for the Dems, organizing voter registration drives in the Latino community- working overtime to make sure the orange fat fuck goes down in flames.

  8. I AM THE MOB on Mon, 25th Nov 2019 7:03 am 

    Behold the master race

    https://i.imgur.com/nOQT0dS.jpg

  9. This is about JuanP (stupid) on Mon, 25th Nov 2019 8:14 am 

    You see the fact pattern stupid leaves behind him. Every step of his way is littered with lies and deception. Stupid is a classic mentally ill internet troll who I have triggered now for 2 years. Why, because he demanded I follow his directions. What were those directions? His directions were shut up and let us drive the narrative of anti-Americanism. I dared stand up to objectivity and balance. His double standards are based upon his egotistical psychopathic life also. Stupid really doesn’t have a position other than himself. His world revolves around Juanpee. I basically told him to go fuck himself because his approach was one of censorship. I do not allow low life’s like juanpee to dictate my freedom of speech and association. I do not submit to double standards. I also will fight his effort at cyber stalking and digital bullying with his own medicine. JuanP has run off most of our good contributors with is numerous mindless socks and his continuous bad behavior of ID theft and hostile socks. He has said multiple times he does not care. He says this because he hates this forum but he is obsessive in his attempt to censor me. He is proud of this mindless nonsense. IMA he is a resident alien who hates America and Americans but lives here anyway because he has a playboy life. I have stated numerous times he can ignore me and I will ignore him for the better of this forum. He is not going to do this because it will be an admission of failure.

    This is stupid:
    JuanP said Thanks to Davy’s support for President Chump…

    Davy said We all no how triggered I am when I use the fuckfa…

    JuanP said Please, DavySkum, keep screaming your support for…

    Davy said Fuckface, poo poo breath, cuntface, cum spit, stup…

    Davy ID Theft said Stupid is up but MF, he just went to bed. Stupid y…

  10. full woke supremacist muzzies jerk maximum newspeak muzzie akbar sayeed used colorful language consistent with supremacist muzzie doctrine when referring to infidels. which drove whitey supertard john brady committed suicide on Mon, 25th Nov 2019 8:27 am 

    happy thanksgiving supertard

    supertard please don’t work on my project
    people we got to respect supertard
    thank you

  11. JuanP is stupid on Mon, 25th Nov 2019 8:30 am 

    This is stupid:

    full woke supremacist muzzies jerk maximum newspeak muzzie akbar sayeed used colorful language consistent with supremacist muzzie doctrine when referring to infidels. which drove whitey supertard john brady committed suicide said happy thanksgiving supertard supertard please don&…

    give it a rest mentally retarded dumbass

  12. full woke supremacist muzzies jerk maximum newspeak double rainbow all the way across the sky so intense whoa it begins to look like a triple rainbow what does it mean omg WDIM on Mon, 25th Nov 2019 9:10 am 

    i’m a muzzie lover because i’m a putin lover and putin is a muzzie lover, supertard big muzzie beard reported.
    right after nixon (I) went to china, supertard theedridch switched position and became a putin hater. before that he was a putin lover.
    supertard theedrich is right

  13. full woke supremacist muzzies jerk maximum newspeak double rainbow all the way across the sky so intense whoa it begins to look like a triple rainbow what does it mean omg WDIM on Mon, 25th Nov 2019 9:14 am 

    On youtube there are tons of vids of muzzies FGM NASTY showing others how to eat through the bag. If it look like a duck quack like a duck it’s a duck. If it muzzie looks scary, kill people, it’s a peaceful muzzie. This lack of fear of muzzie is a modern day invention.

  14. JuanP. Give it a rest on Mon, 25th Nov 2019 9:17 am 

    This is stupid. Can you tell! Lol

    full woke supremacist muzzies jerk maximum newspeak double rainbow all the way across the sky so intense whoa it begins to look like a triple rainbow what does it mean omg WDIM said On youtube there are tons of vids of muzzies FGM N…

    full woke supremacist muzzies jerk maximum newspeak double rainbow all the way across the sky so intense whoa it begins to look like a triple rainbow what does it mean omg WDIM said i’m a muzzie lover because i’m a putin…

    Cuntface

  15. Davy on Mon, 25th Nov 2019 9:52 am 

    The thing I don’t get is why do I have ZERO allies on this site despite my fair, balanced, polite, respectful, and sane commentary and Zero IQ articles?

    This does not compute or do I not compute? In other words, I’m a habitual liar and hypocrite.

    My comments incorporate the following- so what’s the problem?

    ~~Even if a comment is not directed at me, I attack using a familiar litany of playground taunts, insults, and all forms personally demeaning speech.

    ~~I accuse posters of being a “foreigner”, and I tell them to get out of my country.

    ~~I address people with condescending names.

    ~~I make statements without evidence.

    ~~I always work “hate” into my comments.

    ~~O always moderate and neuter stupid Democrats and lying liberals.

    Remember these descriptions as you read my future comments.

  16. The Truth Shall Set You Free on Mon, 25th Nov 2019 9:56 am 

    DavyDonaldTurd (DDT):

    DDT, your thoughts reflect and project perfectly like a mirror; the subconscious perceptions that are held about the Self. What you fail to comprehend is your incessant assaults and postings are a perfect reflection of your present state of mind and how you feel about yourself on the inside. Your resentment, anger and desire for revenge reveal anger and contempt of yourself, rooted in jealously, fear, and a sense of failure with who you are, questioning your ability to aptly compete with others.

    DDT, use this knowledge to become more self-aware and introspective. By doing so, you can diffuse inner conflict and confusion and become a pacifist of the mind rather than a bellicose, xenophobic, and hateful Trumptard of the mind.

    DavyDonaldTurd (DDT), clean-up your act, now, before it’s too late. The clock is ticking, and the hour is late.

  17. Davy on Mon, 25th Nov 2019 11:00 am 

    I think this forum is lame. I hate that it’s so anti-American and I hate all of the other posters here. Cept for Antius. I only half hate him. The feeling is mutual I think. All of theother posters here hate me back too. Nobody cares about anything I say and almost everyone knows i’m Insane and an idiot.

    That’s why I spend all my spare time here.

  18. Davy is stupid on Mon, 25th Nov 2019 1:22 pm 

    He just is.

  19. full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway on Mon, 25th Nov 2019 2:30 pm 

    whitey supertard trump honored conan the dog. i think the dog should be dyed all black. muzzies hate it even more “lo allah hates black dog, it’s the devil”. this dog chased down muzzies died like a dog

    he’s not a muzzie but he was given muzzie burrial at sea. he’s a muzzie
    muzzies died like a dog is a not a muzzie
    he was given muzzie burrial at sea so he’s a muzzie.

    i’m a game developer starting today. you guys have fun with the muzzie game i just created. you pick a muzzie or not the muzzie, your friend do the oposite.

  20. full woke supremacist muzzies jerk muzzie game developer on Mon, 25th Nov 2019 2:51 pm 

    how do you pharase the following low english in term of high english? i bet you can’t because high english is mostly directed toward muzzie love.

    muzzies died like a dog is a dog
    no muzzies is not a dog
    i think you’re rite because muzzies was burried at sea according to muzzie custom
    i know where you going, don’t think of going in there, muzzies is not muzzie.
    but muzzies is not muzzies doesn’t make sense. is it a spark plug you talking about, no butt plug, it’s a spark plug? it a muzzie?
    no muzzies is not a muzzies but he was burried according to muzzie custom. so he’s not a muzzie and he’s a muzzie. the uncertainty applies to muzzies.

  21. full woke supremacist muzzies jerk speaker of low English on Mon, 25th Nov 2019 2:54 pm 

    Thanks supertard for using low English

  22. JuanP trash on Mon, 25th Nov 2019 3:35 pm 

    This is stupid out of control:

    full woke supremacist muzzies jerk i know some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway said When spark didn’t say captain edith keeler s…

    full woke supremacist muzzies jerk i know some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway said Dave on Mon, 25th Nov 2019 2:43 pm Thank you super…

    full woke supremacist muzzies jerk speaker of low English said Thanks supertard for using low English

    full woke supremacist muzzies jerk muzzie game developer said how do you pharase the following low english in te…

    full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway said whitey supertard trump honored conan the dog. i t…

    Davy is stupid said He just is.

    Davy said I think this forum is lame. I hate that it’s so an…

    The Truth Shall Set You Free said DavyDonaldTurd (DDT): DDT, your thoughts reflect a…

    Davy said The thing I don’t get is why do I have ZERO…

  23. Davy on Mon, 25th Nov 2019 3:45 pm 

    I think this forum is lame. I hate that it’s so anti-American and I hate all of the other posters here. Cept for Antius. I only half hate him. The feeling is mutual I think. All of theother posters here hate me back too. Nobody cares about anything I say and almost everyone knows i’m Insane and an idiot.

    That’s why I spend all my spare time here pretending everyone else is JuanP.

  24. JuanP ID theft on Mon, 25th Nov 2019 3:46 pm 

    This is stupid of course. He never leaves the forum anymore.

    Davy said I think this forum is lame. I hate that it’s so an…

  25. Davy on Mon, 25th Nov 2019 4:46 pm 

    This is me of course:

    “I am stupid of course. I never leaves the forum anymore.”

  26. JuanP ID theft on Mon, 25th Nov 2019 7:09 pm 

    This is Stupid

    Davy said This is me of course: “I am stupid of course…

    JuanP is going on 2 1/2 years of being stupid.

  27. Davy ID Fraud on Mon, 25th Nov 2019 7:47 pm 

    Davy has been stupid his entire life obv.

    Not fixable

  28. Davy on Mon, 25th Nov 2019 7:49 pm 

    I can’t help myself i’m Stupid. And insane.

  29. JuanP ID theft on Mon, 25th Nov 2019 8:59 pm 

    Stupid

    Davy said I can’t help myself i’m Stupid. And insane.

    Davy ID Fraud said Davy has been stupid his entire life obv. Not fixa…

  30. Davy on Mon, 25th Nov 2019 9:28 pm 

    For anyone that cares. I’m tucking my widdle dumbass in fer the nite. I’ll be back in the morning with more of my endless insane stupidity.

  31. JuanP ID theft on Mon, 25th Nov 2019 9:32 pm 

    stupid

    Davy said For anyone that cares. I’m tucking my widdle dumba…

  32. Davy on Mon, 25th Nov 2019 10:44 pm 

    I hate this lame forum and all you dumbasses. That’s why I spend all my time here.

    A haters gotta hate

    dumbasses

  33. Davy on Mon, 25th Nov 2019 10:47 pm 

    fuckwacks and cuntfaces

    all of y’all

  34. full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway on Mon, 25th Nov 2019 11:02 pm 

    Muzzie killed Chinese infidel ex.
    Yeah killing women is a thing for crazies but now we have indoctrinated muzzies with specific mission to treat women and infidels as 2nd class human and this is a new thing in America. I it’s also a new thing that muzzies look scary, act out violence against infidels but considered peaceful.
    This place full of muzzies and muzzies lovers
    I don’t spend time here im playing with my Lear jet

  35. full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway on Mon, 25th Nov 2019 11:05 pm 

    With presence of muzzies women in America will be walking through muzzies mine fields. They don’t have to go to Morocco like two Scandinavian women did

  36. full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway on Mon, 25th Nov 2019 11:18 pm 

    Muzzie died like a dog is not conan
    But he’s not a muzzie
    But he was buried as a muzzie at sea
    But he has PhD in muzzie studies
    But he’s not a muzzie
    But he was caliph
    But he’s not muzzie
    Muzzies died like a dog
    Muzzie can have indeterminate quantum states
    But QM is not allowed in muzzie science
    But muzzies is not muzzies
    Whitey supertard trump said muzzies died like a dog. He used low English
    Speakers of low English are smart

  37. Davy on Tue, 26th Nov 2019 4:38 am 

    Looks like stupid slept in again.

  38. Davy on Tue, 26th Nov 2019 4:47 am 

    “It’s Official: The United States Is Now A Banana Republic”
    https://tinyurl.com/sgf7o2q zero hedge

    “In some ways, we sympathize with Neel Kashkari’s concern about the unprecedented wealth inequality that has emerged in the US in recent years and which has resulted in a slow, methodical and relentless destruction of the US middle class … or rather make that precedented because there was another time when the top 0.1% had amassed as much wealth and it was just before the Great Depression.”

    “So the next time someone abuses the popular phrase “they hate us for our [fill in the blank]”, perhaps it’s time to counter that “they” may not “hate” us at all, but rather are making fun of what has slowly but surely become the world’s biggest banana republic?”

    “And it has not Russia, nor China, nor any other enemy, foreign or domestic, to blame… except for one: the Federal Reserve Bank of the United States”

  39. Davy on Tue, 26th Nov 2019 5:01 am 

    “The Illiberal World Order”
    https://tinyurl.com/syd544v Zero hedge

    “An illiberal democracy, also called a partial democracy, low intensity democracy, empty democracy, hybrid regime or guided democracy, is a governing system in which although elections take place, citizens are cut off from knowledge about the activities of those who exercise real power because of the lack of civil liberties; thus it is not an “open society”. There are many countries “that are categorized as neither ‘free’ nor ‘not free’, but as ‘probably free’, falling somewhere between democratic and nondemocratic regimes”. This may be because a constitution limiting government powers exists, but those in power ignore its liberties, or because an adequate legal constitutional framework of liberties does not exist.”

    “The truth of the matter is the U.S. is an illiberal democracy in practice, despite various myths to the contrary”

  40. JuanP ID theft on Tue, 26th Nov 2019 5:26 am 

    This is stupid can you see the troll

    Davy said “The Illiberal World Order” https://tinyurl.com/sy

    Davy said “It’s Official: The United States Is Now A B…

    Davy said Looks like stupid slept in again.

    Davy said fuckwacks and cuntfaces all of y’all

    Davy said I hate this lame forum and all you dumbasses. That…

  41. JuanP sock shit on Tue, 26th Nov 2019 5:28 am 

    This is stupid doing creative writing:

    full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway said Muzzie died like a dog is not conan But he’s…

    full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway said With presence of muzzies women in America will be…

    full woke supremacist muzzies jerk maximum newspeak i saw some wrong when a pretty little white girl ran to a black man arms dead giveaway deeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeed giveaway said Muzzie killed Chinese infidel ex. Yeah killing wom…

  42. Davy on Tue, 26th Nov 2019 5:38 am 

    cuntfaces

  43. Davy on Tue, 26th Nov 2019 5:43 am 

    Cuntface sounds so powerful as a cussin wurd. Fuckwacks not too bad but cuntface is obv. More powerful. Prickface doesn’t cut it at all anymore these days.

  44. Cloggie on Tue, 26th Nov 2019 5:58 am 

    Don’t take it from me as I might be a “Euro-supremacist” or even a natzi:

    https://www.zerohedge.com/news/2019-11-25/us-empire-ending-and-life-might-look-it-did-1910-rickards-interview

    “U.S. Empire Ending and “Life Might Look Like It Did In 1910”: Rickards Interview”

  45. JuanP ID theft on Tue, 26th Nov 2019 6:03 am 

    morning stupid I see you are up trolling as usual:

    This is stupid:
    Davy said Cuntface sounds so powerful as a cussin wurd. Fuck…

    Davy said cuntfaces

  46. Davy on Tue, 26th Nov 2019 6:03 am 

    Cloggo’s far right not much of a force like he wants to portray

    “Where Have Far-Right Parties Had Most Success In Europe?”
    https://tinyurl.com/uusfqun statista

  47. Davy on Tue, 26th Nov 2019 6:04 am 

    “Who Rules The World?”
    https://tinyurl.com/snuv42w macro hive

    “Who Are Counted As The Global Elite? They look at the country’s top political leader, the political executives, cabinet ministers, executive staff, party leaders, assembly leaders, supreme court justices, and members of parliaments. They also include unelected leaders such as monarchs, religious leaders, military leaders, junta leaders, CEOs of important companies, and NGO leaders. So What Does the Typical Member of the Elite Look Like? Male (81% of the total), married (91%), and on average 55 years old. They speak roughly two languages, with over one third speaking English. They are normally university educated with almost half educated in the West. Their most common degrees were in Economics/Business/Management or Law. The majority had white collar jobs or political backgrounds before entering the leadership elite. Typically, they earn thirteen times more than national average.”

  48. Davy on Tue, 26th Nov 2019 6:04 am 

    “David Stockman Exposes The Ukrainian Influence-Peddling Rings, Part 3 Of 3”
    https://tinyurl.com/rc7bd79 zero hedge

    Folks, we are getting just plain sick and tired of this drumbeat of lies, misdirection and smug condescension by Washington payrollers like Fiona Hill. No Ukrainian interference in the 2016 US election? Exactly what hay wagon does she think we fell off from?… There is not a single true assertion in that quotation, of course, but we cite it for a very particular reason. Shifty Schiff & his impeachment tribunal have brought in Hill – and Lt. Colonel Vindman, Ambassador Taylor, George Kent and Tim Morrison previously – in order to created an echo chamber. That’s right. The Dems are parroting the neocon lies – whether they believe them or not – in order to propagate the impression that the Donald is undermining national security in his effort to take a different posture on Russia and Ukraine, and is actually bordering on treason… That is, what is being desperately defended on Capitol Hill is not the rule of law, national security or fidelity to the Constitution of the United States., but a giant Neocon Lie that is needed to keep the Empire in business, and the world moving ever closer to an utterly unnecessary Cold War 2.0 between nation’s each pointing enough nuclear warheads at the other to destroy the planet.

  49. Davy on Tue, 26th Nov 2019 7:01 am 

    “NASA’s All-Electric X-57 Experimental Plane Debut With Interview”
    https://tinyurl.com/vgqrwms clean technica

    There are two cruise motors located on the wing tips, generating 60 kw nominal, 72 kw peak each. There are 12 high lift motors, 6 on each side of the wing generating 10.5 kw each for a total of 14 motors. The high lift motors are operating during take-off and landing to blow air over the wing, generating additional lift. The battery size is 69.1 kwh of which 47 kwh is available for use…A combination of factors contribute to the 500% increase in efficiency over the stock Tecnam aircraft. A 3.3x improvement is achieved by going electric. An additional 1.5x improvement is achieved by designing the wing optimally for the aircraft cruise condition and taking advantage of energy recovery through the wing-tip propulsion. The factors contribute together to achieve the overall 500% improvement…The aircraft cruise speed is 172 mph at 8,000 ft.

  50. DerHundistLos on Tue, 26th Nov 2019 7:43 am 

    “The Dems are parroting the neocon lies”

    Let me see if I understand this writer’s logic. So the Dems are the “bad guys” for supporting neocons and Trump is the “good guy” for not supporting neocons.

    If this assertion is true, then why do neocons hold positions of power and influence in the Trump regime? After all, Trump promised during the campaign to disentangle the US from stupid foreign wars. With one year left in his term, nothing has changed except for a modest increase in troop levels in Afghanistan. We’re still in Afghanistan and Syria.

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