Oil Price Crash Below $0

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Pepe
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20 Apr 2020, 7:07 pm

Holey Moley!

Darmok
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20 Apr 2020, 7:40 pm

I'll take 100 barrels please. You can pay me in small unmarked bills.

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Pepe
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20 Apr 2020, 8:31 pm

:mrgreen:

Pepe
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21 Apr 2020, 3:22 am

Quote:

The price of crude oil has turned negative as coronavirus disrupts international travel
By Michael Janda

Updated about 2 hours ago

Something remarkable happened overnight in the US — crude oil sellers actually started paying buyers to take the 'black gold' off their hands.

To be precise, traders selling West Texas Intermediate crude oil for delivery in May were willing to pay $US37.63 a barrel for someone to take it off their hands.

Reuters reports that it is the first time in history an oil futures contract has traded at a negative price.

https://www.abc.net.au/news/2020-04-21/ ... p/12168864

Mountain Goat
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21 Apr 2020, 3:50 am

Ooh. We can store it here. Refine it later somehow. Haha! Joking of course, but this is the first time I have ever seen a situation where crude oil prices have been in the negative.

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Pepe
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21 Apr 2020, 3:54 am

Mountain Goat wrote:

Ooh. We can store it here. Refine it later somehow. Haha! Joking of course, but this is the first time I have ever seen a situation where crude oil prices have been in the negative.

Has it ever happened?

Mountain Goat
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21 Apr 2020, 4:07 am

Pepe wrote:

Mountain Goat wrote:

Ooh. We can store it here. Refine it later somehow. Haha! Joking of course, but this is the first time I have ever seen a situation where crude oil prices have been in the negative.

Has it ever happened?

Probably in the days before the motor cars were invented.

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Sarahvelvet
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21 Apr 2020, 4:13 am

Will the gasoline be cheaper?
How will it affect the economy?

Pepe
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21 Apr 2020, 4:19 am

Sarahvelvet wrote:

Will the gasoline be cheaper?
How will it affect the economy?

Oil has gotten cheaper.
It will probably get lower at the pump than it is now.

Sarahvelvet
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21 Apr 2020, 4:24 am

Pepe wrote:

It will probably get lower at the pump than it is now.

I knew I should've bought a bigger car :roll:

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21 Apr 2020, 4:59 am

Sarahvelvet wrote:

Pepe wrote:

It will probably get lower at the pump than it is now.

I knew I should've bought a bigger car :roll:

It won't last that long.

They give away crude oil because stopping and then restarting the lines would cost more than paying others to take away the temporary excess.

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Pepe
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22 Apr 2020, 6:34 am

Quote:

Federal Government to spend $94 million stockpiling fuel in the US
By political reporter Georgia Hitch

Updated about 3 hours ago

The Federal Government will spend $94 million on a fuel reserve to bolster the national stockpile.
Key points:

Federal Government plans to move the fuel it buys in the US to Australia eventually, but must first increase domestic storage capacity
Reserves will be for future emergencies caused by "global disruptions"
Australia currently has around 30 days of fuel stores, far below the minimum requirement of 90 days

Federal Energy Minister Angus Taylor said the Government would take advantage of historically low fuel prices to build a "strategic fuel reserve", to be held initially in the United States. https://www.abc.net.au/news/2020-04-22/ ... e/12173276

TheRobotLives
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22 Apr 2020, 7:42 am

Bailout TRUMP promises to rescue oil companies after prices go negative
https://www.cnn.com/2020/04/21/business ... index.html

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Magna
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22 Apr 2020, 8:30 am

I saw a meme recently that said something like: "The low price of gas right now is like a hairbrush to a bald man." The meaning being that people aren't driving as much so we can't take advantage of the low gas prices.

I think I've driven 20 miles in the last five weeks.

Misslizard
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22 Apr 2020, 8:49 am

Gas is below a dollar at some stores in MO.

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Tim_Tex
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22 Apr 2020, 10:41 am

Another reason to get the hell out of Dodge.

Dodge = Houston

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