Posted on 03/14/2022 5:47:24 AM PDT by LumberJack53213
New York (CNN Business)President Donald Trump's victory lap for convincing Russia and Saudi Arabia to cut production looks awfully premature.
US oil prices plunged another 8% Friday, finishing at a fresh 18-year low of $18.27 a barrel. At one point, crude dropped to $17.33 a barrel -- the weakest price since November 2001.
(Excerpt) Read more at cnn.com ...
yeah, show this to your Democrat family members.
oil futures actually got negative back then for a few days
In fairness, a lot of that was the crash in demand due to Covid. But if you look at Fall 2019, pre-Covid, WTI was in the $60-$65/bbl range. And the economy was doing nicely, thank you very much.
It was just for about an hour into the close on one day.
True, and WTI in the $60-$65/bbl range is baby bear’s porridge, enough for the drillers but very good for consumers.
whenever you’re at the pump or a grocery store...
remember to thank a democrat for those amazingly high prices.
BIDEN: GIVE ME A BREAK! I’m tired of people blaming me for high gas prices!.............................................
“..remember to thank a democrat for those amazingly high prices....”
Exactly. Start with the local ones from dog catcher and work on up. Especially, “thank em” at the voting booth. /s
“Putin, Putin, PUTIN!!!”
/s
That headline got my attention.
Why post this from 2020?
Sure, lets shut down the economy again to get gas prices like this. Nuts. Can’t compare anything to 2020.
April 2020???
Time to roll out the “Democrats Did That!” (w/Fake Pres Joe’s pic) stickers, for gas pumps, grocery stores, etc.
That’s mean.
Yep country in lock down, people not doing normal day to day
activities and thus the economy can’t go but one way and that
is down. JMO
Correct, West Texas Intermediate Crude actually sold at a NEGATIVE price. This means the seller had to PAY someone to take the oil from them.
This was because all of the oil storage facilities in Texas had no available space left for near term delivery. There was ONE London based trading company that had rented space available. They actually got PAID to take delivery of the WTI oil for the front contract the last days of trading.
On our trading floor we have always joked about some commodity going to ZERO. In this particular instance, it went to below zero.
Brandon is the enemy of the people.
I actually made a few phone calls that afternoon to a few I knew that had oil trucks, seeing if they had a truck available to drive to Cushing, take delivery, and then just park and wait a month or so. Even though it closed at -37, I’m guessing the vwap settlement price was probably about -15.
I like the idea of voter registration at Gas Stations. Remember Motor Voter? Bring it back, just change the location. Watch the Democrats heads collectively explode.
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