Liberals told me so. Because the liberal newspapers told them so.
HOW DARE I!!!!!
Posted on 03/30/2020 9:02:01 AM PDT by bananaman22
Oil prices plunged on Monday to their lowest levels in eighteen years, below $20 per barrel, as the coronavirus pandemic continues to cripple global oil demand with no signs of Saudi Arabia backing down on its promised supply surge.
(Excerpt) Read more at oilprice.com ...
And the real reason for the Saudi/Russia oil glut = trying to shut down US oil production. They know it costs us more than it costs them to produce a barrel. $20 per barrel is about half what it takes to barely make a profit. Russia and Saudi Arabia are losing money too - but it costs less for them to produce a barrel -
A lot unemployed oil workers now it seems
There's profit to be made here. This almost always the case with falling oil prices and rising oil prices for that matter. Gas prices lag behind oil prices. Sell oil futures, buy gas futures in equal volume quantities. If oil goes up, gas will cover your losing oil position. Profit is made when oil goes down more than gas. Yes, the gas position could be a losing one, but oil will gain more than gas loses. If price goes against you, gas will increase in price more than oil increases in price. Almost guaranteed profit, and you are protected from a loss. Kick back, watch the prices change. Lock in profit.
Here’s a little trick I’ve employed for DECADES. It’s called ‘Dollar Cost Averaging’ and it applies to stock market investing and ‘investing’ in gasoline purchases.
I always fill up on a Thursday. (Pick any day of the week and stick with it!) And use the same gas station each week. If I don’t need gas on a particular Thursday, I won’t fill up again until the following Thursday.
By ALWAYS buying gasoline on the same day of the week, I am ‘averaging’ the cost per gallon over time.
So, I never worry about the price, and I know I’m always getting the best deal in the long run.
YMMV. This works best if you commute the same distance every week for a job. It probably wouldn’t make any sense for a long-haul trucker, etc.
And now, since we’re all stuck at home, the gasoline in our cars will probably be unusable before we’re released from our cages! ;)
(2020: In with a virus, out with our Constitutional rights!)
Cuz wee’re still working off last years supply and the price was locked in.
he’s sitting at home very confused today I’m sure.
The Saudis know how to deal with the Russians.
There was never a reason for oil to be priced at $60+ a barrel except OPEC control and greed.
When Russia got in the game, and the USA became energy independent, the game changed and the ragheads are going to have to start learning to drink oil.
If you think it's bad now, the chi-coms have just hit the mother lode in the South China Sea and when they become proficient at oil production and refinement, they will bury the sand dwellers.
The mid-east will become the burial ground for allah followers, but it is easy to dig graves in the sand.
The rag heads are also putting pressure on the US producer’s.
Oh look.... It is time to raise state taxes, right Northam voters?
Idiots.
Dig a big hole in your backyard, use your swimming pool, buy 10,000 gallons from Shell, but then they will charge you for storage.
Remember Jimmuh Cahtah’s gas lines, and $5.00 a gallon gas (with purchase restrictions)?
I live in West Texas. People may cheer because their gas is cheap, but this is not good for the oil business.
Nope. High oil prices are a sign of a vibrant economy.
Right? It’s even under three dollars a gallon here in Komi Fornia
It’s West Texas,boom or bust is the normal cycle with the price of oil. Saw a bumper sticker in Odessa years ago. “Oh Lord,just one more boom and I swear I’ll save some this time”
[Nope. High oil prices are a sign of a vibrant economy.]
Adjusted for inflation, that is 13.91 in 2002 dollars.
The problem with the virus is it is keeping people from driving, so the gas station tanks are full of expensive gas from two or three weeks ago. The pump prices can’t drop until the new cheap gas is delivered and pulling down the local prices.
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