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Lack of demand and there's no place to store it. Some may see this as "great" however if oil producers start shutting down wells (expensive to do) we will pay for it in the future.
Yup, there's going to be large-scale bankruptcies in the oil patch.
Lack of demand and there's no place to store it. Some may see this as "great" however if oil producers start shutting down wells (expensive to do) we will pay for it in the future.
Who sees this as great?
Marginally lower prices good for us -- tanking prices ---- not good for the industry, and therefore us.
Ummmmm....this is because of a global oil glut due to the economies of the world being shut down, along with an oil war between other countries. I have been correcting people who suffer from TDS, but in this case, I have to correct someone who suffered from TID (Trump Illusion Syndrome).
Nothing to do with Trump. The Saudis and Russians are his close friends.
Now we can end subsidies to the windmills and solar companies. Use that money to help our oil companies. In the meantime, lots of cheap oil and gas for us and our other industries.
I don't think I recall it ever being that cheap in my lifetime. This should drive the price of gasoline at the pump way, way, way down!
It's the lowest price ever. I wouldn't be too sure about pump prices. Wholesale gas prices have barely moved today. Go figure. Gas is still about $2.50 around here.
It's now negative. How much should we charge Saudi to take that oil of their hands? How much should I charge Exon to take the Hellcat out and burn u some gas to make room for more?
Glad I retired and got out of the business. It's going to wipe out our domestic oil industry as well as those that financed them.
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