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Oil plummets 30% as OPEC deal failure sparks price war
CNBC ^
| March 8,2020
| Pippa Stevens
Posted on 03/08/2020 5:03:21 PM PDT by Hojczyk
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To: Dusty Road
Russian production cost > market price; very dangerous. Russian will invade and steal given opportunity. Watch for it.
81
posted on
03/08/2020 6:48:55 PM PDT
by
Broker
(Truth & Transparency & Equal Justice)
To: DAC21
Severance tax to the the state goes down and other taxes will come up and that hits everybody. 39 oil producing states take it on the chin. The oil and gas industry in Texas pays around 4 billion+ a year to the state in severance taxes. Total budget for the Texas school system was around 9 billion, who thinks they will cut back?
To: Hojczyk
At least two weeks for gasoline prices to reflect this drop.
To: Hojczyk
There goes my, and many others, job. We’re just finishing drilling a well now, and supposed to move to another in a few days. Bet that gets cancelled.
And I’m too old to learn to code.
Think anyone will pay me to fish?
84
posted on
03/08/2020 7:24:18 PM PDT
by
Lite
To: DIRTYSECRET
$2.029 today at the local WAWA on Phillips Highway/University Blvd. in Jacksonville, FL.
85
posted on
03/08/2020 7:36:10 PM PDT
by
Taxman
To: DIRTYSECRET
Bring me $2/gallon gas and Ill believe it
You will believe it even more at 1.50. And consider how much of that is tax.
86
posted on
03/08/2020 7:46:37 PM PDT
by
The Antiyuppie
(“When small men cast long shadows, then it is very late in the day”)
To: DIRTYSECRET
OTOH, arent we half-past overdue for the traditional and customary springtime refinery explosion? Doesnt matter how cheap it is if it cant be refined.
87
posted on
03/08/2020 7:50:15 PM PDT
by
The Antiyuppie
(“When small men cast long shadows, then it is very late in the day”)
To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...
[polka band:] Roll out the barrel...
A few weeks back, someone in open thread asked me of all people which oil stocks to buy at this time, and I told that person, don't do it, don't do it, don't do it, don't do it...
- Market Mayhem: Oil Crashes, U.S. Stock Futures Tank, Bond Yields Plummet, and Trading Curbs Kick In [03/08/2020 8:12:46 PM PDT]
- Financial Markets Are Opening in Asia- Looks like another tough day ahead [03/08/2020 4:17:48 PM PDT]
- Dow Futures Tumble 900 Points As All-Out Oil Price War Adds To Coronavirus Stress [03/08/2020 3:21:01 PM PDT]
- The odds of a 2008-like stock-market meltdown are low: There's Buying opportunities for those with a 12-month horizon [03/07/2020 12:49:04 PM PS]
- OPEC's pact with Russia falls apart, sending oil into tailspin [03/06/2020 9:52:04 AM PST]
- Exxon to cut activity in Permian Basin as oil prices plummet [03/05/2020 1:00:19 PM PST]
- Dow plunges more than 700 points despite the Fed cutting rates [03/03/2020 2:02:27 PM PST]
- Dow drops 950 points after the Fed cuts rates, giving back more than half of Monday's surge [03/03/2020 11:38:30 AM PST]
- Trump Threatens Further Sanctions for Venezuelan and Russian Oil Industries..... [02/29/2020 7:57:14 AM PST]
- Oil Prices Set For Worst Weekly Plunge In Four Years [02/28/2020 9:27:34 AM PST]
- The Dow is set to lose 800 points as futures losses worsen [02/28/2020 6:27:30 AM PST]
- Dow plunges 1,100 points, bringing its decline from a record high to more than 10% [02/27/2020 2:20:29 PM PST]
- Dow drops more than 1,100 points after news California is monitoring thousands of possible cases [02/27/2020 1:17:14 PM PST]
- Democratic candidates' drilling ban would cost U.S. economy $7 trillion: oil group [02/27/2020 9:43:28 AM PST]
- For the U.S. Oil and Gas Industry, the Time for Alarm Has Arrived [02/26/2020 8:07:16 AM PST]
- Dow tumbles nearly 900 points as coronavirus fears continue [02/25/2020 1:34:54 PM PST]
- GLOBAL MARKETS - Oil falls, world stocks seesaw on flu scare(we are all going to die...someday...) [02/25/2020 12:23:25 PM PST]
- Dow drops over 500 points as officials warn of coronavirus spread, two-day loss totals 1,500 points [02/25/2020 10:30:18 AM PST]
- Oil Prices Tumble 4% As Coronavirus Demand Shock Spreads [02/24/2020 11:03:59 AM PST]
- Dow futures drop 770 points as coronavirus cases outside China surge [02/24/2020 4:55:28 AM PST]
- Can LNG Kill Oil? [02/17/2020 6:13:29 AM PST]
- Oil production on federal lands surpasses 1 billion barrels [02/14/2020 8:27:07 AM PST]
- Dow, S&P 500, NASDAQ at All-Time Highs: A crash in the stock market would be Democrats' last-ditch effort to topple Trump [02/12/2020 9:10:29 AM PST]
- Trump's DOI Moves to Open Federal Land in Utah for Energy Production, Recreation [02/11/2020 9:51:16 AM PST]
- Democrats Trot Out 'Peak Oil' Again, and Are Just as Wrong as Ever [02/11/2020 7:32:20 AM PST]
- Dow plummets 600 points in worst day since August as coronavirus fears grow [01/31/2020 1:24:40 PM PST]
- Has physicist's gravity theory solved 'impossible' dark energy riddle? [01/27/2020 6:34:00 AM PST]
- OPEC nations grapple with oversupply of oil [12/04/2019 9:33:00 AM PST]
- How America Broke OPEC [12/15/2018 10:35:09 AM PST]
- Oil Prices Crash As OPEC+ Scrambles At 11th Hour [12/06/2018 9:49:39 AM PST]
- Qatar Quits OPEC [12/03/2018 7:44:39 AM PST]
- Qatar to withdraw from OPEC in January 2019 [12/02/2018 11:12:39 PM PST]
- How The Fracking Revolution Broke OPEC's Hold On Oil Prices [07/24/2018 8:53:32 AM PDT]
- Trump Is Fracturing OPEC [07/04/2018 9:11:47 PM PDT]
- OPEC Gives In To Trump's Demands, Agrees To Increase Production To 1 Million BBLs A Day [06/22/2018 8:40:12 AM PDT]
- OPEC ministers strike deal to increase oil production [06/22/2018 7:19:14 AM PDT]
- Goodbye, OPEC [05/01/2018 12:51:15 PM PDT]
- Trump's revenge: U.S. oil floods Europe, hurting OPEC and Russia [04/24/2018 11:09:46 AM PDT]
88
posted on
03/08/2020 8:23:09 PM PDT
by
SunkenCiv
(Imagine an imaginary menagerie manager imagining managing an imaginary menagerie.)
To: DIRTYSECRET
To: Dusty Road
Inexpensive energy is fantastic for the American economy so you can shove it up your azz. You probably believe in peak oil as well you inbred molester of goats.
90
posted on
03/08/2020 10:22:11 PM PDT
by
wildcard_redneck
(If the Trump Administration doesn't prosecute the coup plotters he loses the election in 2020)
To: bigdaddy45
The domestic fracking industry is not going to collapse due to low prices. They were always players in the field that have low costs and only the ones that overleveraged them selves will go out of business. Its called free market And its why the Saudis cannot put us out of business.
91
posted on
03/08/2020 10:26:09 PM PDT
by
wildcard_redneck
(If the Trump Administration doesn't prosecute the coup plotters he loses the election in 2020)
To: palmer
“First, there are fewer stronger dollars flowing into the country because the world isn’t buying oil. “
Before becoming an exporter, there were NO dollars flowing into the country, it was ALL outflow. Bad.
“Second, our exports become more expensive and US exporters suffer.”
Not necessarily. Other countries need oil and food no matter what the price. We STILL bought foreign oil when it was $150/barrel.
92
posted on
03/09/2020 3:45:59 AM PDT
by
JPJones
(More Tariffs, less income tax.)
To: DIRTYSECRET
Until we increase refinery capacity, won’t it just sit in tankers somewhere....
93
posted on
03/09/2020 3:53:45 AM PDT
by
mewzilla
(Break out the mustard seeds.)
To: wildcard_redneck
First I thought you were just being a smart azz, now it’s obvious your just ignorant. It’s not inexpensive if your unemployed! You do realize there’s 39 oil producing states? You do realize that millions are employed directly in exploration, drilling, production and all of the support services needed? You do realize that billions of dollars based on the price of oil is taken in severance taxes to the states? Hundreds of billions of dollars pour into towns all across the US from the local oil business? You do realize that states will end up raising taxes to offset revenue loss from severance taxes? I’m trying to be nice here I don’t really know why, you don’t deserve it. Been in the oil and gas business for 45 years, been through multiple ups and downs. I’ve seen fortunes won and lost, I’ve seen schools close down, I’ve seen towns lose 50 percent of their populations and people lose everything. Then I see people like you who haven’t a clue as to how many people are involved in putting that gallon of fuel in your tank. You don’t give a chit where it comes from or the millions of lives dependent, just whine like a baby when 7-11 raises the price at the pump a nickle. Oh and by the way, I’m here in the middle of the Permian Basin we raise cattle not goats. See I’m even involved in feeding your ignorant azz!
To: samtheman
The USA imports 6 million bbls/day to meet domestic demand.
95
posted on
03/09/2020 5:03:42 AM PDT
by
central_va
(I won't be reconstructed and I do not give a damn....)
To: aMorePerfectUnion
Severance taxes from oil and gas here in TX generate just over 50% of the money needed to fund our schools. When the price drops to low everybody feels it, and if it stays low to long there’s usually a sales or property tax increase to offset the loss in revenue. In 98 it went so low that some schools were shutting down and busing kids to larger schools. The state gets about 7% severance per unit on gas and around 6% on oil, property tax on leases and a fuel tax at the consumer. That’ a whole lot of money that is felt quickly when it’s gone.
To: Lite
Don’t sound like it’s your first rodeo, just hang on, been through many of these in the last 45 years.
To: DIRTYSECRET
With the current price war - Russia refused to slow production so nobody wants to - it may stay low enough to give us lower prices - regular can be had for $1.91 down in S. MS and that was with prices $22 higher than what they just fell to.
98
posted on
03/09/2020 5:23:48 AM PDT
by
trebb
(Don't howl about illegal leeches, or Trump in general, while not donating to FR - it's hypocritical.)
To: Hojczyk
So Israel and Kushner ally Saudi Arabia is getting ready to tank the economy even before China’s supply chains get a chance to?
To: Dusty Road
The oil price drop is only going to shake out the weak players in the market. Oil will still continue to be produced because even when banks seize assets they need to make money off of those assets. People still need electricity, still need oil, and they will always need plastics and chemicals. Quit freaking out.
100
posted on
03/09/2020 8:30:17 AM PDT
by
wildcard_redneck
(If the Trump Administration doesn't prosecute the coup plotters he loses the election in 2020)
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