Crude Oil at $11 — WTF? (bankruptcy, divorced, real estate, sell)

[Thatsright19]

Originally Posted by Taggerung

Shale oil is finished, but of course they'll be bailed out and propped up.

What will happen to oil producing nations such as Russia and Saudi Arabia who rely on oil sales for the bulk of their revenue?

Saudi Arabia’s break even point on a barrel of oil is $4. That’s not to say their national budget isn’t based on a much higher price, but still.

[Therblig]

Enormous glut, completely full refinery storage capacity (a first in recent years, I believe), and then a massive global slowdown.

Only someone deep into energy stocks could ask 'what the frack' here.

[rstevens62]

Originally Posted by TimAZ

When the price of a commodity used around the world changes 35% in a matter of hours, I think it’s fair to ask what the hell is going on?

We are witnessing the collapse of the global economy.

[floridarebel]

Oil and gas may be getting cheaper but we have no where to travel.

[mathjak107]

We barely had a winter here in nyc it was so warm

[Therblig]

Originally Posted by rstevens62

We are witnessing the collapse of the global economy.

The oil industry was drowning itself well before the pandemic. The producers just bet the [tank] farm on an early, busy summer demand season.

It's kinda fun to see a high-roller lose a giant stack of chips.

[mathjak107]

Originally Posted by Therblig

The oil industry was drowning itself well before the pandemic. The producers just bet the [tank] farm on an early, busy summer demand season.

It's kinda fun to see a high-roller lose a giant stack of chips.

It won’t be a lot of fun if your 401k or pension takes a major dump from the oil collapse

[leastprime]

I guess, World saw Peak Oil ~2007.

[Therblig]

Originally Posted by mathjak107

It won’t be a lot of fun if your 401k or pension takes a major dump from the oil collapse

Not too many of us 'having fun' at all these days. But if the pain births a new world in which oil starts its steady decline, I'll manage a grin or two.

[mathjak107]

Originally Posted by Therblig

Not too many of us 'having fun' at all these days. But if the pain births a new world in which oil starts its steady decline, I'll manage a grin or two.

Oil has declined for 12 years already..

Failing oil companies sticking banks and defaulting on loans and many billions in bonds could hurt the economy more than help and that means us too