Author Topic: Crude Oil Stocks Tank  (Read 397 times)

Offline SGOS

Re: Crude Oil Stocks Tank
« Reply #15 on: April 24, 2020, 12:09:34 AM »
I wonder if anyone in the Trump administration thought about this and tried to bring it up with him, or if this is something everyone was ignorant to. I'll admit I didn't think about it, but in my defense it's also not my job to think about things like that.
I'm hardly an oil annalist for the Wall Street Journal, but I never thought we'd see oil prices like this again.  I seem to remember a price war at local gas stations somewhere in Eastern Montana, where I bought gas at 10 cents a gallon one time, and that was at a time when the average price was 30 cents a gallon.  There was also a nearby refinery so transportation and delivery were like zero.

But it is simple supply and demand, except when it's not, I suppose.  The stay at home, at least just a little more than usual, is not that hard to do.  The hard thing is the economic toll.  Most of us are still living off our last paycheck.  Government assistance will take us through one more month, and then the crunch will become a scary prospect.  I'd hate to be a restaurant owner, a barber, or a florist.  Being out of work is one thing, but losing a small business seems like a more formidable recovery.  Still, I'd like to see the shut down last a while longer.

Offline Baruch

Re: Crude Oil Stocks Tank
« Reply #16 on: April 24, 2020, 10:18:21 AM »
I'm hardly an oil annalist for the Wall Street Journal, but I never thought we'd see oil prices like this again.  I seem to remember a price war at local gas stations somewhere in Eastern Montana, where I bought gas at 10 cents a gallon one time, and that was at a time when the average price was 30 cents a gallon.  There was also a nearby refinery so transportation and delivery were like zero.

But it is simple supply and demand, except when it's not, I suppose.  The stay at home, at least just a little more than usual, is not that hard to do.  The hard thing is the economic toll.  Most of us are still living off our last paycheck.  Government assistance will take us through one more month, and then the crunch will become a scary prospect.  I'd hate to be a restaurant owner, a barber, or a florist.  Being out of work is one thing, but losing a small business seems like a more formidable recovery.  Still, I'd like to see the shut down last a while longer.

You are older than me, a retiree?  Then no problem to continue to self isolate.  Low oil prices = high value dollar.  But that isn't a good thing, and you can hope it doesn't translate to deflation in other goods and services.  Like in The Depression when you could get a bowl of soup for 5 cents.
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Offline Baruch

Re: Crude Oil Stocks Tank
« Reply #17 on: April 26, 2020, 04:55:45 PM »
Crude oil back up to $15 ... 3/4 of the previous recent price.
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.

Offline Baruch

Re: Crude Oil Stocks Tank
« Reply #18 on: April 27, 2020, 11:33:19 AM »
""We Are Moving Into The End-Game": 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down" ... oil futures trying to anticipate prices for the June 1 contracts.
Ha’át’íísh baa naniná?
Azee’ ła’ish nanídį́į́h?
Táadoo ánít’iní.
What are you doing?
Are you taking any medications?
Don't do that.