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.
My word, reading that and thinking I remember those prices ... I’m actually getting OLD!
But we are or were diversified. Is the price of nat gas affected too?
Year and years ago while riding in the car with my dad he suddenly stopped. “Look son’ he said, “you will never see gas cheaper in your life”. “NEVER FORGET THIS SIGHT”..It was .19 cents a gallon. However think what 2 Mercury dimes might be worth today. Silver money. That puts things in perspective.
Western Canadian crude is bringing $.86/bbl.
I remember driving all over town to save 2 cents. We ended up pay 43 cents per gallon.
Stop producing until the price rebounds.
I would not worry about the oil ‘spoiling’ if it is left in the ground a bit longer.
;-)
.95 gallon here in Wisconsin two days ago.
Premium no ethanol gas was at 1.74 gallon
At some point they’ll have to slow production or stop as
there will be no storage facilities for the liquid.
Your comment doesn’t make sense. What does diversification have to do with the net loss?
The USA is the largest producer of oil. It is a net exporter. From a pure economic basis alone, cheap oil is a net loss to the USA.
This, of course, ignores the strategic importance of the USA being energy independent—Trump can ignore the mullahs or bomb them, and they don’t have the weapon of an oil embargo. They have no power.
Much the same with Russia.
China, the largest importer of oil, however can fuel its economy cheaply. It even imports natural gas (which yes is almost free).
The end result of letting this go on will be dependence on the mullahs. Jimmy Carter malaise times.
I suspect your looking at Brent.
Brent is 26.75
WTI is 11.22
I really, really dislike Chris Christie for many reasons. But this is one that will stick with me for ... well for as long as I live in NJ. Which, if my wife has anything to say about it will be forever :-(
Difficult to do. The Texas government is considering proration orders, which are partial shut downs.
The big oil, which is largely not domestic, opposes this.
We have 39 oil producing states.
We need an import tariff on crude oil now to protect those jobs!!!
WE NEED A TARIFF ON IMPORTED OIL NOW!!!!
If we eliminated the high gas taxes Dem Governors would no longer be able to raid highway funds and divert them to social programs and then borrow/tax again with bond issues to fund highway bonds.
Left to their own devices, the power brokers will start a shooting war.
Agreed. Most people don’t realize how much of the world’s economy is funded by the evil banks. They will soon become insolvent.
TARIFF!!!!
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