No way dude!!!
(the American public has been trained, quite well, by the liberal media. /Captain Obvious)
Posted on 03/18/2020 12:12:24 PM PDT by 11th_VA
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Intermediate crude oil, the U.S. benchmark, fell by more than 10 percent Wednesday to near $24 a barrel, a level last seen in April 2002.
“Oil prices can go negative,” wrote Paul Sankey, managing director at Mizuho Securities.
If that weren't enough, Saudi Arabia recently slashed oil prices and raised output after Russia refused to join OPEC in deepening production cuts.
Oil is a 100 million barrel-per-day market, but Sankey says it’s possible that the economic fallout from the pandemic could zap demand, creating a 20 million barrel-per-day surplus.
He says the “physical reality” of the market is that oil is pumped out of the ground and has to be consumed or stored. When the cost of storage goes high enough -- or space runs out -- companies might pay customers to take it...
(Excerpt) Read more at google.com ...
Trump IS buying for our reserves.
A point he covered in one of his daily press conferences.
Right! Oil producers are going to pay me to put gas in my tank?
It’s time to make preparations for deflation.
If crude goes to 0, you can bet gas will drop at least a nickel at the pump.
Fall below zero?. So then I’ll be paid to buy gas?
Just as I posted this, the price of oil shot up - go figure ...
Put if they keep printing money won’t that create inflation?
Trump needs to hurry up and expand the petroleum reserve and scoop this up at these low prices while he can.
Yep. Can’t wait for the “Progressives’” (aka Commies’) reasoning for stagnant $4/gal pricing.
Economic Warfare, pure and simple.
Does that mean cash is a good thing !
Reminds me of that comical story of the Somali pirates who hijacked a tanker in the Indian Ocean a few years ago. The price of oil plummeted from $75 to around $30 over the course of the several weeks they held the ship for “ransom.” By the time they ran out of food and water on the ship, the owner of the ship and the owner of the cargo basically told them to go ‘eff themselves. And ‘eff themselves is what they did, if I remember correctly.
Take that electric vehicle lovers.
They will pay us to buy it. And the state and fed will refund the taxes they put on it.
In your dreams.
This is good news. They are trying to scare people into selling, guess why.
This will make St. Greta’s head explode
If we ever needed a reminder, this whole mess just reinforced the fact that China, Russia, and even the Saudis are our enemies.
Old Abbott and Costello skit.
Sir, the car is out of gas. Throw it away and by another with a full tank.
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