Mallette Posted April 20, 2020 Share Posted April 20, 2020 My God! Oil down 91% TODAY? Last time it was that low was 1947. This is NOT good news for anybody. Yes, almost free gas for a while, but this may well be the harbinger of a great depression, 2.0. The Feds and states may decide that there will be more deaths from a destroyed economy than from opening the economy prematurely. 2 Quote Link to comment Share on other sites More sharing options...
Mallette Posted April 20, 2020 Author Share Posted April 20, 2020 WTI at -37.00 a barrel. Lowest price EVER in history. No place to put it. Expect the Feds to start refilling the strategic reserve. Perhaps the only good thing that will come of this. Quote Link to comment Share on other sites More sharing options...
Mallette Posted April 20, 2020 Author Share Posted April 20, 2020 So grateful to work for the USAF! Don't think we will shut that down... 2 Quote Link to comment Share on other sites More sharing options...
jimjimbo Posted April 20, 2020 Share Posted April 20, 2020 53 minutes ago, Mallette said: The Feds and states may decide that there will be more deaths from a destroyed economy than from opening the economy prematurely. Nope, just the Feds. Most of the states, except Florida of course, seem to understand what's going on. 1 Quote Link to comment Share on other sites More sharing options...
billybob Posted April 20, 2020 Share Posted April 20, 2020 23 minutes ago, Mallette said: WTI at -37.00 a barrel. Lowest price EVER in history. No place to put it. Expect the Feds to start refilling the strategic reserve. Perhaps the only good thing that will come of this. Was going to say, a good time to top off the reserves. Quote Link to comment Share on other sites More sharing options...
billybob Posted April 20, 2020 Share Posted April 20, 2020 26 minutes ago, Mallette said: So grateful to work for the USAF! Don't think we will shut that down... No, we won't. Congrats on the job! Quote Link to comment Share on other sites More sharing options...
Schu Posted April 20, 2020 Share Posted April 20, 2020 The reserves were being topped off weeks ago. Quote Link to comment Share on other sites More sharing options...
billybob Posted April 20, 2020 Share Posted April 20, 2020 Just now, Schu said: The reserves were being topped off weeks ago. Sweet! Quote Link to comment Share on other sites More sharing options...
wuzzzer Posted April 20, 2020 Share Posted April 20, 2020 https://www.cnbc.com/2020/04/20/this-oil-price-crash-isnt-as-bad-as-it-seems-heres-why.html Quote Link to comment Share on other sites More sharing options...
Mallette Posted April 20, 2020 Author Share Posted April 20, 2020 Not as bad as it seems? Tell that to the hundreds of thousands of oilfield workers who will be laid off, and the drilling companies that will fail. Puts us back on the OPEC udders until barrel prices get back to at least 50.00. My old employer, HPIDC, will be toast, I am betting. Dave Quote Link to comment Share on other sites More sharing options...
JJkizak Posted April 20, 2020 Share Posted April 20, 2020 I can't wait for them to pay me to fill up my gas tank. JJK 2 Quote Link to comment Share on other sites More sharing options...
Schu Posted April 20, 2020 Share Posted April 20, 2020 Brent is still around 22$ a barrel... this is historic from a headline perspective, but it's not a huge deal Quote Link to comment Share on other sites More sharing options...
BigStewMan Posted April 20, 2020 Share Posted April 20, 2020 figures ... at a time when i haven’t filled my tank in six weeks. don’t run outta gas when i’m not going anywhere. 1 Quote Link to comment Share on other sites More sharing options...
JJkizak Posted April 21, 2020 Share Posted April 21, 2020 Oil was up to $5.39 this morning. JJK Quote Link to comment Share on other sites More sharing options...
Coytee Posted April 21, 2020 Share Posted April 21, 2020 I've used as much gas in the past month that I would have previously used in 1 1/2 days. Quote Link to comment Share on other sites More sharing options...
ssh Posted April 21, 2020 Share Posted April 21, 2020 Dave is right; if these prices have legs, this is catastrophic for our oil industry, especially for small producers. SSH 1 Quote Link to comment Share on other sites More sharing options...
oldtimer Posted April 21, 2020 Share Posted April 21, 2020 This is worse: https://www.msn.com/en-us/travel/news/germanys-oktoberfest-scrapped-over-virus-in-blow-to-beer-industry/ar-BB12Yc7e?ocid=spartanntp Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted April 21, 2020 Share Posted April 21, 2020 2 hours ago, oldtimer said: This is worse: https://www.msn.com/en-us/travel/news/germanys-oktoberfest-scrapped-over-virus-in-blow-to-beer-industry/ar-BB12Yc7e?ocid=spartanntp Noooooooooooooo! Quote Link to comment Share on other sites More sharing options...
Audio Flynn Posted April 22, 2020 Share Posted April 22, 2020 On 4/20/2020 at 4:07 PM, Mallette said: Not as bad as it seems? Tell that to the hundreds of thousands of oilfield workers who will be laid off, and the drilling companies that will fail. Puts us back on the OPEC udders until barrel prices get back to at least 50.00. My old employer, HPIDC, will be toast, I am betting. Dave This is dangerous to petrochemical economics and infrastructure. More scary than Covid. Quote Link to comment Share on other sites More sharing options...
Audio Flynn Posted April 22, 2020 Share Posted April 22, 2020 On 4/20/2020 at 4:11 PM, Schu said: Brent is still around 22$ a barrel... this is historic from a headline perspective, but it's not a huge deal I hope you are right. Quote Link to comment Share on other sites More sharing options...
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