Oil price collapse today to 90 cents a barrel

[Scott Downey]

 

[Scott Downey]

34 cents per barrel, maybe it will go below zero.

 

[InTheLight]

I was watching this today. It was at $10.50 a barrel at 11:00 am CDT. Then it was at $5.05 at noon. Now it is at $0.48 a barrel.

 

[Scott Downey]

5 cents per barrel, insane, I heard they cant give it away, they are running out of storage places.
There are 42 gallons of liquid in a barrel of oil.

 

[Earth Wind and Fire]

Fire sale?

 

[InTheLight]

 

[Scott Downey]

People dont want to take physical delivery and cant roll over their oil contracts or such and stuff. The world is producing 30% more every day than is consumed.
I took screenshots because this is historic price levels.
Of course this is temporary. The negotiated OPEC+ production reductions dont start until May.

 

[InTheLight]

The prices we are showing are prices for May 2020 contracts for oil, which mature tomorrow. There is an oversupply of oil and nowhere to store it so speculators are getting rid of their contracts.

 

[MartyF]

Didn't all the Evolutionists say we were suppose to be reaching PEAK OIL by now.

Make one doubt the "theory" of Evolution.

 

[Scott Downey]

Didn't all the Evolutionists say we were suppose to be reaching PEAK OIL by now.

Make one doubt the "theory" of Evolution.

Yes, peak oil they claimed, but there is not a peak oil except in peak consumption.

Price went negative, minus $35 per barrel

 

[Martin Marprelate]

I read some time ago that there's going to be a negative oil price: buyers are going to charge for taking the stuff off the producers' hands.
However, in Britain more than half the price is tax and the tax doesn't vary, so even if the stuff was being given away free it would still be expensive.

 

[Calminian]

AOC is starting to get excited. These guys have been salivating over an economy crash.

‘You Absolutely Love to See It’

Ocasio-Cortez Tweets, Deletes Praise of Oil Price Crash

Pushes Green New Deal

Rep. Alexandria Ocasio-Cortez (D-NY) on Monday deleted a message in which she appeared to cheer a historic drop in oil prices as an opportunity to invest in “green infrastructure to save our planet.”

 

[InTheLight]

AOC is starting to get excited. These guys have been salivating over an economy crash.

‘You Absolutely Love to See It’
Ocasio-Cortez Tweets, Deletes Praise of Oil Price Crash
Pushes Green New Deal
]
Rep. Alexandria Ocasio-Cortez (D-NY) on Monday deleted a message in which she appeared to cheer a historic drop in oil prices as an opportunity to invest in “green infrastructure to save our planet.”

We know AOC does not understand basic economics. A drop in oil prices will cause people to use more of it because it's cheaper. There's no need to convert to solar energy because oil is so cheap.

We see the same thing with electric car adoption or even people buying economy cars. Oil prices go down--economy car sales decline and SUV sales increase.

 

[Scott Downey]

AOC is starting to get excited. These guys have been salivating over an economy crash.

‘You Absolutely Love to See It’
https://www.breitbart.com/politics/...il-price-crash-you-absolutely-love-to-see-it/
Ocasio-Cortez Tweets, Deletes Praise of Oil Price Crash
https://www.breitbart.com/politics/...il-price-crash-you-absolutely-love-to-see-it/
Pushes Green New Deal

Rep. Alexandria Ocasio-Cortez (D-NY) on Monday deleted a message in which she appeared to cheer a historic drop in oil prices as an opportunity to invest in “green infrastructure to save our planet.”

These people are destroyers.

 

[Adonia]

This price drop is great for the trucking business. I just hope our customers don't demand a rebate on the fuel surcharges we were imposing on them when the price was high.

 

[Salty]

Back in 1975, my college instructor (Central Texas College - Fwd, Germany) told us that we would run out of oil before 2000.
Hmm, I think he was wrong. I wonder if I could locate him and get a comment!

 

[RighteousnessTemperance&]

Back in 1975, my college instructor (Central Texas College - Fwd, Germany) told us that we would run out of oil before 2000.
Hmm, I think he was wrong. I wonder if I could locate him and get a comment!

That was probably me and I was right, as today it’s all synthetic oil, what I like to call “fake oil,” and it’s been that way for 20 years.