Hey I got a novel ideal that will save the stock market and jobs
TAKE IT OFF THE STOCK MARKET !!! Stop trading on it . Those are only numbers not what it is actually selling for ..................

you should go braid youre nose hair again,i think ya got it a little tight the first time.

Tax on a gallon of gas in Cali. is still .80 per gallon!

That is reason number 754,921 to avoid that state.

A lot of irony here. Short term this kills everybody except the consumer but the consumer is helping to cause this because with worldwide stay at home shutdowns there is no demand. Where you going to go with your cheap gas? Long term, the major beneficiaries are the guys some of you think are getting their comeuppance, Big Oil. Major integrated companies will buy the proven reserves of smaller producers as they go belly up without having to deal with the costs of exploration. Those reserves will sit in the ground until needed. The integrated companies can increase margins at the distribution level and nobody will even question it at these lower prices. When demand picks up and Big Oil controls supply and distribution some of you will regret getting what you wished for.

This scenario is what many investors are thinking as shown by current stock prices. An example is ExxonMobil . As I write this the price of crude is $ 0.05/barrel but XOM is only down 4%. Other major integrated companies are similar.

I know, I know.....years ago during a fuel drop I filled up my truck tank from almost empty for $ 9.00 . Was happy about that part, without knowing the worldwide repercussions ...

You are being misled by those numbers Bob. Like I said, you are looking at the price that May futures contracts are trading for. NOT the actual spot price of oil.

AOC is loving it. The destruction of the oil industry

It's all goin to pot....whether we like it or not...

you should get on Hobbie's rap thread.

Well said!

Chris

Old Dirt is not going to get much of a "Permanent Fund" welfare check
from the State of Alaska from Oil dividends this year.

He might have to ship some low dollar marten and hatter beaver to
to FHA to make up the shortfall.

w

Fox is now reporting that futures went at one point went to $13bbl negative .


Stocks slide as oil crashes below zero | Fox Business
https://www.foxbusiness.com/markets/us-stocks-april-20-2020?cmpid=FNC_app

That means they'll paying us to take it! I hope they pump it for us too.

I think oil closed somewhere near -40 per barrel.

I'm not meaning to offend anyone here, but when I read the arguments of global repercussions and this is burning down the economy, it is complete ignorance of history.

Oil is a rigged market. Gas was around 1.87 a gallon in 2008 under George W. Bush at 40 dollars a barrel. Odd how we never saw those low fuel prices when crude was 40 dollars a barrel.

President Ronald Reagan, dropped oil prices, by dealing with Saudi Arabia and buying Prime Minister Margaret Thatcher's North Sea crude. This caused DEFLATION which everyone said the sky was falling, and what it created was low oil prices, dropped prices for food, supplies etc.. which caused a 30 year economic expansion, which was only killed by Read My Lips HW Bush and Bill Clinton raising taxes.
I doubt anyone here knows the oil fields, that in Saudi Arabia it basically flows out of the ground, so it is cheap to produce, and no prices were cut when it was 100 dollars a barrel. American shale is different, but the technologies advanced greatly in the boom, in cutting costs for production. No one here has mentioned that natural gas is being used in electric power plants and that coal which American has a plentiful supply was bankrupted deliberately by Obama. This in turn spiked propane and natural gas prices gouging consumers, just as electricity by Obama was mandated to be 40% green and why our rates all tripled.

I'm asking rhetorical questions as probably no one has the answers here, but America has more oil that shale. Alaska has 4 confirmed fields of crude oil, which is sweet crude, meaning it refines itself. There is more oil in Alaska than the world combined, and yet Americans were buying high sulfur Venezuelan crude which is hard to refine, while our crude was going to Japan.
Each one of us has been gouged for years, because you believe the propaganda as now. In the 1980's Williston in North Dakota had an oil boom, prices went down and they capped the wells, as Americans suffered and were gouged in record energy inflation. This oil is not going anywhere that is in the ground, it will be pumped and should still be pumped for low energy prices for America, as that means terrorists do not have money in Muslim nations to make war and Russia does not have revenues to point nuclear missiles at Americans.

The President has reached an agreement in OPEC PLUS, with Russia and Saudi Arabia to cut production, which will provide the excuse to gouge Americans again. The fact is, like under Reagan, the United States should use oil as a weapon, in an export price which punishes the big consumer in China. There is a war coming with China and if President Trump's alliance does not take Russia out of the picture, China will move to take the Alaskan oil fields as they do not have energy. China will move down the Khyber and take the Mideast fields too, just as Japan moved for oil in the start of world war.

The real problem in this is the American farmer. Ethanol production is at the lowest level. The USDA has not implemented a sound agricultural policy as farmers are still planting soybeans, which is a Chinese market, and that market is gone. Ethanol cut 1/3rd of imports in money funding Muslim terrorists and it stopped Russia from building doomsday bunkers the size of cities, for war with the United States. Yes that is what Russia did with the last oil price surge, they prepared for war with America.
The biofuel market to America is as important as the shale fuel market as this is the complete energy picture.

For a reality check in real energy policy, the United States should be burning coal in 100 new power plants, stop this green energy fraud, and drop electric bills to 50 dollars a month. This will drop natural gas prices for consumers, and project with the drop in gas prices at the pump, a deflation which will cause another Reagan expansion. For those who forgot what the situation was before Coronavirus, The market as it is rigged, was promised to drop to under 2.25 a gallon at the pumps for most of last winter. it barely touched it and by February the prices were driving upward again on fake stories of why the price was rising again. If Coronavirus has not appeared, you would be paying 2.50 a gallon now on the same 40 dollar crude, which under Bush41 you were paying 1.87 at the pumps.

The shale speculators, like the railroad speculators of the 1880's. took borrowed money, in this case it was Citibank, which is owned by Saudi Arabia, meaning that financial giant drove the high priced speculation in America, in which Americans over reached and then over produced, and this market has been teetering for years. Saudi Arabia then turned on an oil war with Russia, and both caused this, with the target of shutting down American shale, or more to the point, of causing the wells to be placed into receivership so Citibank, or Saudi Arabia would own American oil and gas, which in fact it has with other foreign interests, like the pork industry in owned by China and is spreading the pandemic.

The short of this is, America has a 200 year supply of gas, oil and more of coal. America has thorium which Richard Nixon shut down in clean nuclear energy, to power America and the world for a 1000 years. If low oil prices are "bad" for the world, then it is because those behind this want it bad for the world and an excuse to instigate more of the same financial rapine and wars which is always behind this.

Chris

From someone who makes a living in the energy industry and with many many friends in the oil industry, the low price is doing terrible things to anyone who works in the energy sector. Thousands of people have lost there jobs already and that affects 10's of thousands of people. Its just not good, the low prices are really cool but its damaging a lot of family's right now, and if it doesn't start picking up things are going to get real bad for quite a few people.

I agree with Hobbs
We only have about 30% of our people working at the facility I work at.
The rest of us are on unpaid furlough. Most of our customers have cancelled any orders we had.
This is not good for anyone in our state

I think what is happening here today, even tho prices are low. This Is a spread trade and some speculators who were long the paper market had to either sell the paper market or take actual delivery of their paper long position. The May contract is in delivery and that is the one that is getting crushed more than the others.

So you notice June is still floating around the 20 dollar mark. Someone lost a pile of money for certain. I just don't know how much of it is the oil companies. More likely somebodies 401k took a hit if their trading house got long oil and was fooling enough to hold it till first notice day. 20 dollar oil is still pretty darn cheap and I would assume cost more than that to produce it.