Oil $1 a barrel

[the other mike]

From the OP...
Despite the weakness in headline prices, retail investors are continuing to plow money back into oil futures. The U.S. Oil Fund exchange-traded fund saw a record $552 million come in Friday, taking total inflows last week to $1.6 billion.

 

[petro]

Gas prices seem to have a huge lag for a drop in crude but miraculously spike up almost in lockstep with crude on a rise. Amazing how that works.

Yeah. Still 1.49 here.
They should be paying me to fill up.

 

[the other mike]

Gas prices seem to have a huge lag for a drop in crude but miraculously spike up almost in lockstep with crude on a rise. Amazing how that works.

Yeah. Still 1.49 here.
They should be paying me to fill up.

Some Independent OTR haulers are making a small fortune.

 

[petro]

I have absolutely no sympathy for the oil companies and their investors.

They've been robbing us for decades. I hope they lose everything. They deserve it. They've been hurting people with their outrageous prices for way too long.

I just hope that my tax dollars don't end up bailing their miserable butts out.

Oil price crashes into negative territory for the first time in history amid pandemic

JHC.
You already have a thread on this.

Goddamn bot.

 

[OldLady]

Toro

How does a price crash into negative territory? Does it mean they're paying us to buy the stock? I don't understand at all.

 

[sparky]

Think grain silos in the 1930s.

This petrodollars in the 2030's Boots

~S~

 

[Manonthestreet]

Nazi says she will stay on vacation until May 4, unless there is an emergency.

US oil prices turn negative as demand dries up

Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.

finance.yahoo.com

So what's so bad about cheaper oil? It's not like the oil companies are going to go broke, is it?

No much of a market for drilling, and not much of a market on alternative energy with prices this low.
Ripple effect

Major oil companies have been pushing for a cap on oil production in Texas for a while. Seems that the market for new wells was killed by all that fracking in the past few years. Not my fault if they already drilled more wells than they need. You want to bail them out for bad management on their part?

Problem you have is the cause isn't bad management...it's bad govt...... Yes you will be bailing them out. Let's all sit on our ass some more and pretend everything is fine.

We already give oil companies billions in free money each year. Some of the giveaway programs were started just to help the country start using Henry Ford's invention, and continue to this day. It's about time the oil companies paid their own way.

Impossible to do when the govt turns off the economy

 

[Manonthestreet]

I have absolutely no sympathy for the oil companies and their investors.

They've been robbing us for decades. I hope they lose everything. They deserve it. They've been hurting people with their outrageous prices for way too long.

I just hope that my tax dollars don't end up bailing their miserable butts out.

Oil price crashes into negative territory for the first time in history amid pandemic

Do you even realize how utterly dependent the world and all of the civilizations are to energy? Without it, we'll likely starve before we freeze, but either way, the whole world will collapse without those companies.

Energy = wealth,

 

[Admiral Rockwell Tory]

I just filled up at $1.60

Looooooove it!

It has not been $1.60 here in over a month!

 

[Vandalshandle]

OMG! Do people understand the ramifications? I used to live in Louisiana, and ALL Louisiana politicians are owned by big oil! It isn't even a secret! Not only that, but oil won't have the money anymore to fight solar energy in the political arena!

 

[BULLDOG]

Nazi says she will stay on vacation until May 4, unless there is an emergency.

US oil prices turn negative as demand dries up

Coronavirus downturn has put major pressure on oil prices with demand slumping and storage running out.

finance.yahoo.com

So what's so bad about cheaper oil? It's not like the oil companies are going to go broke, is it?

No much of a market for drilling, and not much of a market on alternative energy with prices this low.
Ripple effect

Major oil companies have been pushing for a cap on oil production in Texas for a while. Seems that the market for new wells was killed by all that fracking in the past few years. Not my fault if they already drilled more wells than they need. You want to bail them out for bad management on their part?

Problem you have is the cause isn't bad management...it's bad govt...... Yes you will be bailing them out. Let's all sit on our ass some more and pretend everything is fine.

We already give oil companies billions in free money each year. Some of the giveaway programs were started just to help the country start using Henry Ford's invention, and continue to this day. It's about time the oil companies paid their own way.

Impossible to do when the govt turns off the economy

Nobody turned the economy off. It's slow right now, but that will change. Oil companies have made and been given many fortunes already. They can face this with what they already have. Those with real need should be the priority for once.

 

[Tom Paine 1949]

Big Oil and the military-industrial complex, U.S. imperialist wars in the Middle East, ridiculous credit-based expansion of high-tech high-production-cost U.S. oil exports, sanctions of Venezuela & Iran to drive the price of oil up, secondary sanction pressures on our allies to sabotage the Nordstream2 pipeline from Russia, these are all connected. Most Americans are far too naive and patriotically “brainwashed” to accept these realities. U.S. oil wars and long-term imperialist policies, with the exception of the sanctions re-introduced against Iran by Trump, have all been bi-partisan.

 

[OldLady]

someone is getting taken out,

An oil company or an oil producer?

 

[Pogo]

I miss 4$ a gallon gas when Obama was President.Times were so good then.

That was Bush. July 2008 to be exact.

 

[Toro]

Toro

How does a price crash into negative territory? Does it mean they're paying us to buy the stock? I don't understand at all.

No that’s the futures price. the actual cash price paid at the wellhead is positive. Pupps Is correct. this has to do with the mechanisms of the ETFs And traders’ positioning. it’s a financial thing

 

[Pogo]

Trump is concerned mainly with US oil ! you know the companies that made us energy independent and hurt the Russian economy !the only friends the communist regimes have in our country is the left and their dear leaders ....you do recall the dnc using a middle man Steele to get bogus propaganda from russians to stage a coup and overthrow the POTUS ...and do you recall the chicoms giving the bidens large sums of cash [wheres hunter ] ? i doubt that the OP does does because he is a communist an idiot and a traitor !

Oil doesn't work that way, whatever your inane hallucination is. We don't have oil companies. Oil companies have oil companies. They may be based here, or the UK, or Holland, or Russia or wherever, but they don't have a national flag. They have stockholders, and that's who they work for. Has zero to do with "communists" or with Rump or "the left" or "Chicoms" or "Bidens" or whatever booga-booga goblins occupy what's left in the cobwebs of your mind.

 

[Toro]

someone is getting taken out,

An oil company or an oil producer?

No, oil traders. We are hearing a European oil trading desk was blown up today

 

[Pogo]

Gas prices seem to have a huge lag for a drop in crude but miraculously spike up almost in lockstep with crude on a rise. Amazing how that works.

Goes up like a rocket, comes down like a feather.

 

[eagle1462010]

I just filled up at $1.60

Looooooove it!

It has not been $1.60 here in over a month!

$1.34 here

 

[Meister]

$1.59 here in north Idaho