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Oil crashes to $1 per barrel and is currently still below $2

Discussion in 'General' started by Boman Forklift, Apr 20, 2020.

  1. Yeah, we were never going to run out of oil. Ive talked about that before. That was always some bullshit.
     
  2. StaccatoFan

    StaccatoFan My 13 year old is faster than your President

    Just a reason to overcharge us at the pump....that's all it ever was. The oil companies jumped on the chance to raise gas over $2/gallon during the first Gulf War, and got so much pleasure over the record profits, they hoped we'd just get used to it.
    And we did. Complete bullshit.
     
  3. Slider82

    Slider82 Well-Known Member

    When castor beans drop down to negative $35 per barrel. Or bushel, peck, pound, or whatever the measurement they use on them.
     
  4. Gas is extremely cheap in the US compared to most of the world.

    But the reason gas is "expensive" in US terms doesn't have anything to do with the oil companies, or even the gas station owners. That's all I can say outside of the dungeon.
     
    scottn, Phl218 and tony 340 like this.
  5. motion

    motion Nihilistic Member

    Its all relative... the rest of the world makes do with 80HP in their cars/trucks and they get 60 mpg.
     
  6. StaccatoFan

    StaccatoFan My 13 year old is faster than your President

    Gas is overpriced everywhere. Period. It spiked the day we started sending troops to Saudi Arabia to get Saddam's army out of Kuwait, and it's stayed overpriced since.

    And nothing's going to change my mind on that one.
     
  7. YamahaRick

    YamahaRick Yamaha Two Stroke Czar

    Ah; name calling. Absolute proof that I hit the nail directly on the head.

    Sorry Mongo, sorry DaveK; but the hypocrisy needed to be pointed out.
     
    StaccatoFan likes this.
  8. eggfooyoung

    eggfooyoung You no eat more!

    I think his keyboard is different than ours...
     
    bleacht likes this.
  9. StaccatoFan

    StaccatoFan My 13 year old is faster than your President

    Don't care. Mine fucked up the other day, and he went Grammar Police on me....so he can suck it.
     
  10. motion

    motion Nihilistic Member

    I can imagine that it is super stressful. I've been thinking about getting out of residential and into commercial for the past several years. Glad I didn't. Hope you can get that thing sold one of these days.
     
    Boman Forklift likes this.
  11. notbostrom

    notbostrom DaveK broke the interwebs

    Keep in mind this is a long squeeze as a result of an oil ETF with to big a share of the futures market. Spot prices are still about 20 bucks for WTI
     
    mpusch likes this.
  12. notbostrom

    notbostrom DaveK broke the interwebs

    Google USO ETF for some perspective
     
  13. galloway840

    galloway840 Well-Known Member

    Good grief, let's hope the US government can fill up every single storage tank in the US SPR and any other dang tank. No excuses. Fill 'em up.
     
  14. Phl218

    Phl218 .


    Yeah, but they also don’t have to drive nearly as far as Americans.
     
    motion and StaccatoFan like this.
  15. mpusch

    mpusch Well-Known Member

    Filling up the strategic reserve didn't make it through Congress in the last round. There's talk of trying it again.

    Seems like a no-brainer to me...
     
    crashman likes this.
  16. lizard84

    lizard84 My “fuck it” list is lengthy

    While certainly price war/Covid related, It could well be just a momentary anomaly, April & May were a disaster and beyond saving, May contracts expire Next Tuesday, it would be nice to see a $50 $55 rise, get the price back near $20 a barrel. Still would suck, but a starting point. Cheap oil sounds all well and good to many, it won’t do the overall economy any favors and higher oil prices will help rev the employment engine once this other bullshit gets sorted.
     
  17. mpusch

    mpusch Well-Known Member

    For those who don't normally look at futures.
     

    Attached Files:

  18. ClemsonsR6

    ClemsonsR6 Well-Known Member

    My question is....how do I make money at this? No doubt it will go back up and it will skyrocket when it does....where do I need to be?
     
    Boman Forklift and noles19 like this.
  19. R Acree

    R Acree Banned

    I think the shit started almost 20 years before that with the first embargo.
     
  20. noles19

    noles19 Well-Known Member

    Same here. Oil and other energy sources too
     

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