Posted on 04/13/2020 8:03:49 AM PDT by know.your.why
Having been involved in the negotiations, to put it mildly, the number that OPEC+ is looking to cut is 20 Million Barrels a day, not the 10 Million that is generally being reported. If anything near this happens, and the World gets back to business from the Covid 19 disaster, the Energy Industry will be strong again, far faster than currently anticipated. Thank you to all of those who worked with me on getting this very big business back on track, in particular Russia and Saudi Arabia.
(Excerpt) Read more at marketwatch.com ...
Now remember....according to the Dems, these two countries are the enemy.
Whether they can cut by 20 million bbls a day remains to be seen. This is simply Trump working to prop up a collapsed industry.
Blockade Venezuela to drive their exports to zer0.
At this price per barrel, we should be making and filling salt domes wherever we can in the US.
On march 17 I started working from home. That saved me a three hour commute every day and a tank of gas every two days. So far I’ve saved about $350 in gas. And the wear and tear on my car matters as well. :)
Putin, Mexico, Saudi Arabia and the rest of OPEC on the line to Trump at the Oval Office.
(MAGA)X10
Trump’s talk isn’t working. Crude has lost the 6% jump it had this morning, now flat. Demand is GONE. They could cut it 50 million and it wouldnt matter
Later
The libtards were complaining about this without realizing that:
1) the < $2 a gallon gas they enjoy now is because of this
2) they are trying to force US producers out of business by lowering cost below production costs
3) If the are successfully then they will jack it back up to $5 a gallon
4) Our energy independence (thanks to Trump) is what got us low-cost gas
5) THIS IS WHAT TARIFFS are supposed to be used to fix
6) If they don’t want “wars for oil” they should hope Trump succeeds.
And we’re helping to prop them (and US fracking oil) up with monopolistic energy prices.
I hate this policy. Energy should be free, or as close to that as we can make it.
How about restocking the national reserve with only US oil and the frackers still get natural gas on top of this.
Let OPEC bust and fight it out with Russia for the lowest prices.
I thought we still refined in America, too. What about that business?
“Trump’s talk isn’t working.”
Yeah it shouldn’t take more then a few hours to have an impact /s
Exactly the problem. There is no demand.
“...At this price per barrel, we should be making and filling salt domes wherever we can in the US....”
Exactly. It would be the logical and common sense thing to do, but I think I read somewhere that the vile, demonic Botoxian had somehow blocked this from happening.
“THIS IS WHAT TARIFFS are supposed to be used to fix”
Should the US stop buying Canadian Oil?
Should the US stop exporting crude and refined product?
I recall Trump pleading with the Saudis to lower oil prices 2 years or so ago.....
They were barely able to get the 10m bbl/day done. I was surprised they managed that.
It's not his fault. There is zero demand and the market smells fear. We may well see crude fall below $20 this week.
Most salt domes are still intact. It takes quite a while of pumping fresh water in them to dissolve them. Then, you have to dispose of all of the brine.
You have a decent point about it taking longer to have an impact.
The forward months are up a lot more than the front contract today. Not enough to save the fracking industry, but it’s something.
https://www.barchart.com/futures/quotes/CLK20/futures-prices
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.