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Oil hit 1 CENT! a Barrel today

Discussion in 'Coronavirus (COVID-19) News' started by TheAngryLiberal, Apr 20, 2020.

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  1. TheAngryLiberal

    TheAngryLiberal Banned

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    Last edited: Apr 20, 2020
    TheAngryLiberal, Apr 20, 2020
    #1
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  2. Doofenshmirtz

    Doofenshmirtz Well-Known Member Past Donor

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    Maybe a good time to invest!
     
    Doofenshmirtz, Apr 20, 2020
    #2
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  3. 61falcon

    61falcon Well-Known Member

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    The price of ad barrel of oil has gone NEGATIVE, they have to pay you to take it 0ff their hands??? We are out of storage facilities to store it as refinery demand has collapsed along with demand for gasoline and aviation fuel and heating oil.
     
    61falcon, Apr 20, 2020
    #3
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  4. david gullikson

    david gullikson Banned

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    Trump said, he would support the industry if at all necessary. So, we will be bailing out the industry that wouldn't bail us out if their life depended on it. Nor will they cut us any slack, even after we save their skins. They have been making record profits, for years, but we will be bailing them shortly.
     
    david gullikson, Apr 20, 2020
    #4
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  5. TheAngryLiberal

    TheAngryLiberal Banned

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    My Mistake, a Barrel of Oil is - $37.00 a Barrel, so these Oil Companies essentially will pay YOU! $37.00 a Barrel to take the Black stuff off their Hands and store it somewhere. Hmmm! I've Got some property, maybe if these Oil Companies Pay me $37 Million Dollars and I'll keep a Million Barrels of them on my acreage until this is Pandemic is over and People start traveling again.
     
    Last edited: Apr 20, 2020
    TheAngryLiberal, Apr 20, 2020
    #5
  6. hawgsalot

    hawgsalot Well-Known Member

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    Oil is essential because it failing and prices rising would be the biggest Tax Hike on the poor and middle class possible. My predictions is the far left states will immediately increase gas taxes to offset the loses, which will hurt the poor down the line. I have a feeling there are some investors that's going to rack it in. I'm not a futures guy but dang this might be the time.
     
    hawgsalot, Apr 20, 2020
    #6
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  7. Blaster3

    Blaster3 Well-Known Member

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    allas local code enforcement will fine you more than that for storing hazardous material
     
    Blaster3, Apr 20, 2020
    #7
  8. Jestsayin

    Jestsayin Well-Known Member Past Donor

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    And I am sure all will join me in praising President Trump for filling our strategic oil reserves with cheap oil.
     
    Jestsayin, Apr 20, 2020
    #8
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  9. 61falcon

    61falcon Well-Known Member

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    As more and more people buy electric and hydrogen powered vehicles and more electricity comes from solar and wind demand for gasoline will continue to drop.
     
    61falcon, Apr 20, 2020
    #9
  10. Bearack

    Bearack Well-Known Member

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    It went as low as -$37 a barrel. I've never seen a negative value for a commodity like oil... That is absolutely scary. My state alone houses 250,000 jobs related to oil.
     
    Bearack, Apr 20, 2020
    #10
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  11. Zorro

    Zorro Well-Known Member

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    Some May WTI contracts touched NEGATIVE $40/barrel and finally settled at NEGATIVE 37 dollars and some change. The problem was that the buyer had to take physical delivery and had absolutely no place to store it, so had to pay some one to take it off his hands.

    OIL PRICE GOES NEGATIVE AS DEMAND COLLAPSES; STOCKS DIP.

    So, could Putin and the Saudi's have picked a WORST time to have price war? This has to be one of the biggest blunders since Hitler invaded Russia.
     
    Zorro, Apr 20, 2020
    #11
  12. 61falcon

    61falcon Well-Known Member

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    We should all see lower electric bills as a result.
     
    61falcon, Apr 20, 2020
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  13. hawgsalot

    hawgsalot Well-Known Member

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    And oil to make those products and electricity will go up. We're a ways away from hydrogen and electric for that matter but promising for sure.
     
    hawgsalot, Apr 20, 2020
    #13
  14. Rugglestx

    Rugglestx Well-Known Member

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    The impact of a collapsing energy sector will have ripples outside of it almost unlike any other industry. It will devastate communities and states.

    And yet people still want to keep the economy 80% shut down because it makes them feel safe. How about instead we use a little logic and protect those that still need it while letting others back to work?

    This cure is going to be so much worse than the sickness. :(
     
    Rugglestx, Apr 20, 2020
    #14
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  15. Blaster3

    Blaster3 Well-Known Member

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    until such time when all fossil fuel & nuclear plants are closed by the leftists...

    ny as we speak is shutting down indian island power plant...

    there is no way, in any shape or form, that wind & solar could ever possibly power the entire grid...

    leftie is knowingly & willfully sending us down a path that will destroy us all...

    hope y'all know how to make fire with sticks because there won't be an internet to watch a youtube 'how to' video...
     
    Blaster3, Apr 20, 2020
    #15
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  16. BaghdadBob

    BaghdadBob Well-Known Member

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    How about Iran? The virus & oil crash.
    ................................................................ nelson_ha_ha.jpg
     
    BaghdadBob, Apr 20, 2020
    #16
  17. TheAngryLiberal

    TheAngryLiberal Banned

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    Alexandria Ocasio Cortez and Nancy Pelosi are probably crafting a $2 Trillion Stimulus package for Iraq as we speak.
     
    TheAngryLiberal, Apr 20, 2020
    #17
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  18. Spim

    Spim Well-Known Member Past Donor

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    Ya, I was thinking I would like 2500 barrels please.
     
    Spim, Apr 20, 2020
    #18
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  19. BasicHumanUnit2

    BasicHumanUnit2 Well-Known Member

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    Good luck with that.
    My prediction is that you will see a small net INCREASE in the short term, then a BIG jump down the road.
     
    BasicHumanUnit2, Apr 20, 2020
    #19
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  20. JakeStarkey

    JakeStarkey Well-Known Member

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    This is a paper problem with a possible paper solution. (Jim Cramer's idea)

    Let the nation buy X amount of oil for the National Storage and pay the sellers to store it until it can be transferred.
     
    Last edited: Apr 20, 2020
    JakeStarkey, Apr 20, 2020
    #20
  21. Louisiana75

    Louisiana75 Well-Known Member Past Donor

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    Once things get rollin' again in the economy, it will come back up but it will happen slowly probably. Some states are opening up beginning this week.
     
    Louisiana75, Apr 20, 2020
    #21
  22. Zorro

    Zorro Well-Known Member

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    75 MILLION barrels. Buy it cheap, stack it deep!

    [​IMG]​
     
    Zorro, Apr 25, 2020
    #22
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  23. JakeStarkey

    JakeStarkey Well-Known Member

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    $1.12 a gallon today.
     
    JakeStarkey, Apr 25, 2020
    #23
  24. modernpaladin

    modernpaladin Well-Known Member Past Donor

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    Unethanolized gas stores well for quite a long time.
     
    modernpaladin, Apr 25, 2020
    #24

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