$.75/gallon gas? Wait for it... /EDIT: COLLAPSE of global oil industry

[IronWing]

I think my old Suburban could burn straight crude and it had a pretty big tank. I could have made money burning oil.

 

[Roger Wilco]

-26 now. Insane. It's dropping incredibly fast.

 

[daveybrat]

What website shows the real-time oil prices?

 

[herm0016]

-36.63 wti price

also.. fuuuuuuu.... who can buy my stuff?

 

[sandorski]

Damn. These prices make no sense to me though.

 

[IronWing]

$1/gal to store it? I've got some empty pop bottles.

 

[Red Squirrel]

No place to store it.

I'll take it. I should be able to fit around 200 barrels on my property. I'll sell it when this is over.

Funny thing is the actual metal barrels it would traditionally go in are probably worth more than the oil that would be inside.

 

[Cal166]

What website shows the real-time oil prices?

Crude Oil WTI Futures Price — CL Chart & Quotes — TradingView

View live Light Crude Oil Futures chart to track latest price changes. Trade ideas, forecasts and market news are at your disposal as well.

www.tradingview.com

 

[sao123]

Now that the US is the top oil producer in the world, that may not be the case.

1 industry is not the entire economy.
The rest of the economy can benefit (pretty much anything which involves shipping by truck/train...)
Often things are at internal odds against each other...

 

[Miramonti]

Oil Plunges Below Zero for First Time in Unprecedented Wipeout...

-$37.63 a barrel, yes MINUS, meaning suppliers will PAY you to take it off their hands!!

 

[ViviTheMage]

What does this mean for gas production?

 

[Miramonti]

What does this mean for gas production?

Can't produce much because there is no place to store it once its refined, as everyone is already near or at capacity.

Little gas production means little ethanol production, means little CO2 (byproduct) production, means little fizz for the beer. Now sh!t gets real.

 

[herm0016]

What does this mean for gas production?

not much for now. NG has been super cheap for a long time. if oil production declines significantly, we will see NG prices tick up a bit, and traditional gas fields may see a little bit of investment. but that would take some time as production declines from oil formations like the Permian and the DJ basin where the NG is basically free to produce.

 

[Herr Kutz]

1 industry is not the entire economy.
The rest of the economy can benefit (pretty much anything which involves shipping by truck/train...)
Often things are at internal odds against each other...

You need to think this through some more.

 

[Red Squirrel]

That's pretty crazy did not realize it was in the negatives! I kinda wish I owned some acreage land right now. I would be trying to figure out how I can manage to "buy" some of this oil and store it for a year or so, so I can sell it back when it's back to normal. The money I make from "buying" could help pay to build the tanks.

Kinda an ecological disaster waiting to happen storing that much oil though.

 

[herm0016]

1 industry is not the entire economy.
The rest of the economy can benefit (pretty much anything which involves shipping by truck/train...)
Often things are at internal odds against each other...

lulz.

it may cost a tick less to ship something, but there are several million people working in that industry, and the budgets of a good number of countries and states depend on oil production for revenue. this is so much different than the price going from 100 to 50 a barrel. so much different. this is more of a leading indicator of economic output than just a thing with a price.

 

[Miramonti]

For many countries, if this continues, it will be like a giant meteor hitting earth. Once the virus is past, you won't be able to just say, 'ok, back to normal.'

 

[Red Squirrel]

Really maybe this is a wake up call that we need to change the economy and stop making it be based on something as volatile as oil. Not to mention burning oil for energy is barbaric and destroying the planet. It needs to stop, and we need to move to 100% green energy. We can already see positive effects on the environment from a few months of simply slowing down the world, imagine if burning oil stopped completely. We still would need oil for things like plastic and rubber, but the amount needed would basically make it equivalent to any other resource like steel or wood.

 

[brianmanahan]

paging @dmcowen674

somehow he would tell us that this will cause us to pay 5$ a gallon

edit: oh jeez, rollo is a mod over on dave's forum

 

[herm0016]

Really maybe this is a wake up call that we need to change the economy and stop making it be based on something as volatile as oil. Not to mention burning oil for energy is barbaric and destroying the planet. It needs to stop, and we need to move to 100% green energy. We can already see positive effects on the environment from a few months of simply slowing down the world, imagine if burning oil stopped completely. We still would need oil for things like plastic and rubber, but the amount needed would basically make it equivalent to any other resource like steel or wood.

lulz again.

oil and gas are one of the only sources of energy that are hugely net positive over the long term on a pure btu in/out measure. An oil well produces a huge amount of useful energy for every unit of energy it took to drill, complete and maintain it. oil truly has built society as we know it today.

 

[brianmanahan]

lulz again.

oil and gas are one of the only sources of energy that are hugely net positive over the long term on a pure btu in/out measure. An oil well produces a huge amount of useful energy for every unit of energy it took to drill, complete and maintain it. oil truly has built society as we know it today.

well i figure we got about 100 years tops to figure out a new way to build society

luckily i'll be dead by then but i feel bad for the people who won't be

 

[s0me0nesmind1]

Is this honestly that surprising? Were talking BILLIONS of people GLOBALLY that are told "STAY HOME! Don't go anywhere!"

No planes taking off as well

At the same time, we have oil wells/rigs that are continuing to pump out oil since they did the work of setting up the well....

They will do anything to move inventory at this point. This is simply Supply/Demand 101 for folks that didn't take ECON 101.

 

[herm0016]

well i figure we got about 100 years tops to figure out a new way to build society

luckily i'll be dead by then but i feel bad for the people who won't be

yea, i.m not against the transition, but people have to realize we would not be here, with the quality of life and technical achievement without cheap and plentiful energy to expend on things like space travel, scientific discovery, etc. to me, its akin to us getting out of the caves because we discoved fire to cook food, which makes the calories easier to use, and we could expend our time on things other than eating.

we have had so much cheap energy, we have used it to not only to sustain our needs, but to create vast amounts of technology and knowledge.

 

[Craig234]

I know a good place to store oil.

In the f'ing ground, where it needs to stay if we want a reasonably functioning climate.

 

[esquared]

Where are you located? Chances are it's the government making plenty of money "here" and not the oil companies.

As a poster pointed out already, the highest state/fed tax is .80/gal
Of course its the oil companies making money at 3.00 a gallon..