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Oil drops to 11 dollars per barrel!!
Fox TV news | 20 April 20 | hapnHal

Posted on 04/20/2020 6:43:17 AM PDT by hapnHal

Fox morning news is reporting that Oil Prices have dropped to 11 dollars per barrel. What does this mean? Eliminate and/or reduce gas taxes and we may have .33 cents per gallon gas again.


TOPICS: Chit/Chat
KEYWORDS: anotherstupidvanity; cashforclunkers; depression; energy; globalwarminghoax; greennewdeal; hydrocarbons; maga; oil; oilprice; opec
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To: Future Snake Eater

“Clearly we have the ability to ramp up oil production quickly and effectively”

LOL.

It takes years to build. A decade, even.

Six months to destroy.


121 posted on 04/20/2020 10:06:55 AM PDT by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: hawkaw

I know experts say “the market is always right” but I think this at this point is over kill. The market wasn’t right when oil was over $100 and is not right now. I know the demand and supply fundamentals are really bad, but I think $25 to $35 is the right range for oil once the economy starts to re-open. Funny thing is oil stocks themselves are not trading badly considering how low oil is.


122 posted on 04/20/2020 10:45:47 AM PDT by Sam Gamgee
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To: Jewbacca

The instability in oil and natural gas as you say is NOT a good thing. Impossible to make business decisions with this much volatility in the industry. Seriously should oil shale just shut down permanently?


123 posted on 04/20/2020 10:47:02 AM PDT by Sam Gamgee
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To: Sam Gamgee
Caught it at $1.04.


124 posted on 04/20/2020 10:52:47 AM PDT by numberonepal (WWG1WGA)
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To: numberonepal

You will be a rich man. The government will be counting on a contribution, comrade.


125 posted on 04/20/2020 10:54:12 AM PDT by crusty old prospector
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To: Demiurge2

It is the ominous sign of a coming depression.


126 posted on 04/20/2020 10:55:00 AM PDT by crusty old prospector
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To: hapnHal

put a tariff on it- they are purposely trying to kill USA oil production


127 posted on 04/20/2020 10:55:39 AM PDT by Mr. K (No consequence of repealing obamacare is worse than obamacare itself.)
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To: crusty old prospector
You will be a rich man.

Or have a useless bunch of paper.

128 posted on 04/20/2020 10:55:59 AM PDT by numberonepal (WWG1WGA)
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To: numberonepal

You don’t think oil will ever come back to its previous levels? The only thing that would slow that is a worldwide depression which is not out of the question.


129 posted on 04/20/2020 10:58:50 AM PDT by crusty old prospector
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To: crusty old prospector
You don’t think oil will ever come back to its previous levels?

Nothing that an Iranian missile fired at Saudi Arabia can't fix.

130 posted on 04/20/2020 11:01:11 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: dynoman

$1.19 in Trafalgar, Indiana.


131 posted on 04/20/2020 11:02:08 AM PDT by Mr. Lucky
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To: dfwgator

Correct. This is just a short-term futures contract expiration. The NYMX strip out 12-48 months is between $30 and $40 per barrel.


132 posted on 04/20/2020 11:04:46 AM PDT by crusty old prospector
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To: hapnHal

Folks,

That is not the Real Price of oil. It is the speculation price.


133 posted on 04/20/2020 11:11:04 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: RayChuang88

Still $2.40 in WA. Unbelieveable. You know its got to be all tax.


134 posted on 04/20/2020 12:01:32 PM PDT by RinaseaofDs
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To: dubyagee

Howdy, howdy! d:^)


135 posted on 04/20/2020 6:04:29 PM PDT by CopperTop (Outside the wire it's just us chickens. Dig?)
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To: All

First of all, I want to thank all those who posted. Want to share a story. I was traveling today from the California’s central coast to Fresno. About midway there is a small town off Interstate 5 and Hwy 41 called Kettleman City. Gas prices at five stations ranged from $3.74 to $3.87 per gal for regular gas. Now the shocker. I traveled another 40 miles on Highway 41 to a small community called Lemoore, Ca. I purchased gas at a Casino gas station for a whopping $1.95 per gal... a savings of $1.79/gal. Yes, I filled my truck up. When I got to Fresno I noticed something really strange. People were still working on a billion dollar fiasco, the bullet train. Something we really (don’t) need.
Governor Nuisance needs to go.


136 posted on 04/20/2020 8:34:02 PM PDT by hapnHal
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To: Jewbacca

Really? All the equipment is just gone. The people who know how to do the work and the knowledge required is just vapor now. Terrible shame.


137 posted on 04/21/2020 8:17:56 AM PDT by Future Snake Eater (Plans are worthless, but planning is everything. - Dwight Eisenhower, 1957)
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To: Future Snake Eater

Yes that’s pretty much what happens.

People leave and do other things. Equipment that is laid down just rusts — or, more likely, is fire sold by banks for use in another country.


138 posted on 04/21/2020 8:22:46 AM PDT by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: hapnHal

I recall a poster my older sister had on her bedroom wall. Written in hippie fonts: “Life is a gas. .33 cents a gallon.”


139 posted on 04/21/2020 8:26:58 AM PDT by Rebelbase
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To: babble-on
Contracts came due, meaning someone had to accept a physical delivery of oil for the month of May. With no demand and very little storage available the commodity had less than zero value.
140 posted on 04/21/2020 2:10:11 PM PDT by Chgogal (Wuhan Virus, Chinese Virus, Kung Fu Virus - Wuhan Chinese Kung Fu Virus aka CCP virus.)
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