Flood Of Saudi Oil To Hit U.S. Shores As Prices Hit $10

oilprice.com ^ | Apr 20, 2020 | Tsvetana Paraskova

[DannyTN]

... Last week, The Wall Street Journal reported that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019.

The tankers were loaded before OPEC+ struck a new agreement to take 9.7 million bpd off the market in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March. ...

[Gay State Conservative]

They're trying to kill our fracking operations. I know nothing about oil production so I don't know if they can pull it off.

[ClearCase_guy]

The lowest gas price I’ve seen in MA is $1.97. Of course, I’m not driving around very much, looking for cheaper prices. I think prices should be lower, but the oil business wouldn’t survive.

[Mariner]

Oil is fungible.
But we can guarantee a per bbl price for domestically produced oil.

Thus saving an industry and energy independence.

Worthy strategic and national security goals.

[RayChuang88]

The Saudis have to dump the oil somewhere because they have no place to store them, even with excess tanker capacity.

[Obadiah]

$0.98 per gallon in my area. Will it go to $0.50 per gallon?

[DesertRhino]

We need to bomb Mecca and seize the oil fields

[txrefugee]

Turn those tankers around. We are full up. Let the sand-monkeys drink their oil.

[mvonfr]

Oil is fungible. But we can guarantee a per bbl price for domestically produced oil.

Much easier would be to impose a tariff on the imported oil. And this would bring $ to the budget, while the guarantee would do the reverse.

[CondorFlight]

Trump is a business man; he is buying oil to fill up our reserves.

[CharleysPride]

Looks like The Pride Mobile might be doing a double circuit

around the country.

Gas<$1/gal?

Alright!!!

[spokeshave]

Turn those tankers around. We are full up. Let the sand-monkeys drink their oil.

Sorry...all our oil terminal workers are off sick with a virus infection.

[silverleaf]

Where we gonna store it?

[existentially_kuffer]

Was this oil bought? Today a barrel is somewhere around $10, a drop of around 35%.

[Dubh_Ghlase]

They are deploying their Oil Weapon...

[jimpick]

Turn it into plastics and sell it back at a higher price. That would be much better than a tariff which we here would pay. It would put some people to work and bring cash back from the sale of the plastics.

[laplata]

FYI: ‘Gas Buddy’ is a good source to see gas prices anywhere in the country.

[MeneMeneTekelUpharsin]

Oh wow...

[CharleysPride]

Yes, we need to start another war because of cheap oil.

Brilliant.

[Eric in the Ozarks]

The crude oil producers in western Canada would kill for $10/bbl...