Posted on 04/20/2020 9:09:15 AM PDT by DannyTN
“The Saudis have to dump the oil somewhere because they have no place to store them, even with excess tanker capacity.”
Why can’t they stop or cut back on pumping?
Saudi trying to destroy USA oil plans by banning fracking didn’t work.
Now they are going to try it with a price war.
Federal and MA taxes on a gallon of gas is roughly .50 cents a gallon
I wonder how it would taste in coffee
An opportunity squandered by Dubya back in ‘02
“ Where we gonna store it?”
https://www.sciencedaily.com/releases/2017/05/170516115311.htm
Use the oil to power the nuclear weapons plants. We’re going to need them sooner or later.
Trump has pointed out it's cheapest to store it right where it is, and pump it out when we need it.
Open the country and lets take advantage of cheap oil. Oh yeah, Premier Fuci says we will all die.
$1.29 regular, diesel still higher.
Some oil streams in Texas don’t have buyers over $2 bbl
The irony, of course, is that we’re using less gas by driving so much less while locked down. Murphy never sleeps.
Energy is always BOOM and BUST... when price is high, US produces, when it goes bust, wells are capped, and folks laid off, at $11 bbl, a lot of wells are going to be capped and shut down until prices go back up...
It is now at $8.03 a barrel.
[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. ]
The frackers won’t go out of business. The shareholdings will just change hands, with the previous generation of shareholders zeroed out, and the bondholders and banks becoming the new shareholders, while zeroing out the debt they held. The newly debt-free companies will issue new debt and keep on fracking.
The Saudis have been booking tankers right and left to use as at-sea storage, a temporary ploy that can’t continue much longer, but what it does is enable them to keep production going in the face of lower demand. This is primarily pointed at the Russians, who declined to come to a production agreement in early March, but it’s also pointed at the Iranians, which game may be the more strategically significant one of the two. One unintended consequence of the CoVid-19 problems in China is sharply reduced demand from that country, one of whose principal suppliers is Iran, who are having their own epidemic issues as well as lowered oil income. The Saudis would love to break Iran for a thousand reasons.
Diesel is still well above $2/gal.
Paid $1.19 unleaded gas here in central Texas last week. Crazy times we live in. The rats are trying to start a war with China and the Saudi’s are trying to destroy our domestic oil production.
The biggest threat to our nation is still the democRats.
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