# Oil $2.30 a BARREL



## Maine-Marine (Mar 7, 2014)

Oil hit $2.30 a barrel today. It opened around $5.00 and went down... looks like it have ticked up to around $6.. but it does not look good

this is going to devastate the oil production workers in America

So we have 2 things going on... Virus is killing economy and jobs and low oil prices is also killing jobs


----------



## Mad Trapper (Feb 12, 2014)

Maine-Marine said:


> Oil hit $2.30 a barrel today. It opened around $5.00 and went down... looks like it have ticked up to around $6.. but it does not look good
> 
> this is going to devastate the oil production workers in America
> 
> So we have 2 things going on... Virus is killing economy and jobs and low oil prices is also killing jobs


I hope motor oil, 2-stroke mix oil, chainsaw bar oil........etc also comes down in prices. Might be a good time soon to invest in a 55-gal drum of motor oil


----------



## Chipper (Dec 22, 2012)

Nope oil hit 50 cents. Sorry I guess it hit 11 cents. While I was messing around posting this.

Talk of it some how going negative. Not sure how that works.


----------



## paulag1955 (Dec 15, 2019)

Does anyone know what the minimum threshhold is for fracking operations to be profitable?


----------



## Chipper (Dec 22, 2012)

Geez couple minutes later it's 10 cents.:vs_shocked: Just heard Canada is trading negative.


----------



## Robie (Jun 2, 2016)

paulag1955 said:


> Does anyone know what the minimum threshhold is for fracking operations to be profitable?


I *think *I read a while ago...somewhere around $49.00 a barrell.


----------



## Maine-Marine (Mar 7, 2014)

Chipper said:


> Nope oil hit 50 cents. Sorry I guess it hit 11 cents.
> 
> Talk of it some how going negative. Not sure how that works.


negative could happen if nobody is buying and they have to pay somebody to store it


----------



## Slippy (Nov 14, 2013)

2:18 est ...Negative $7


----------



## Chipper (Dec 22, 2012)

Now minus 7.


----------



## Robie (Jun 2, 2016)

2:22 PM....34 cents


----------



## Chipper (Dec 22, 2012)

Minus 14.


----------



## Chipper (Dec 22, 2012)

Now -35 falling faster then I can type.


----------



## Maine-Marine (Mar 7, 2014)

-$6 now.....


----------



## Smitty901 (Nov 16, 2012)

Buy low Rail road industry saving a lot of money. But in most cases they buy oil in the futures so any saving won't show up for awhile.
Free free free . Free gas for everyone The DNC platform will be.


----------



## jimcosta (Jun 11, 2017)

At minus $35, this is all I can say.

If we look at the global financial system as a human body, it has been on life support for several months and now is turning black from rot. In the meantime, the talking heads act as if all is well. But it ain't!
Massive moves like this is what starts wars.


----------



## Chipper (Dec 22, 2012)

Did see a -40 for a couple seconds. Watching Fox business.

Shut down and destroy the country for what??


----------



## Smitty901 (Nov 16, 2012)

jimcosta said:


> At minus $35, this is all I can say.
> 
> If we look at the global financial system as a human body, it has been on life support for several months and now is turning black from rot. In the meantime, the talking heads act as if all is well. But it ain't!
> Massive moves like this is what starts wars.


 Sun will come up tomorrow. Maybe we all need a good kick in the ass. Sometimes life needs a major reset.


----------



## Kauboy (May 12, 2014)

I've been known to be a greedy SOB, so I have to ask the following...
Is there any way for the average person to get in on this historic moment to profit from the inevitable upswing?
The world runs on oil. The problem right now is, the world isn't running. When it starts again, this will absolutely rebound. What's a good way to get in on it with some newly received "relief"?


----------



## Denton (Sep 18, 2012)

Does this mean they’ll pay us to take the stock?:tango_face_grin:


----------



## Mad Trapper (Feb 12, 2014)

Might be a good time for USA to fill up strategic reserves. That might help drive up prices?


----------



## rice paddy daddy (Jul 17, 2012)

OPEC has gotten what it wants - drive the US out of the oil business.
Watch for them to cut production to drive the price back up.


----------



## Chiefster23 (Feb 5, 2016)

Meanwhile, gas is still $2.25 here in PA.


----------



## 23897 (Apr 18, 2017)

Denton said:


> Does this mean they'll pay us to take the stock?:tango_face_grin:


Yes!

But it's sitting in an oil tanker off sure costing you more than $35 a barrel in shipping costs.

Sent from my iPhone using Tapatalk


----------



## paulag1955 (Dec 15, 2019)

Robie said:


> I *think *I read a while ago...somewhere around $49.00 a barrell.


I vaguely remember it being somewhere in that range, too.


----------



## paulag1955 (Dec 15, 2019)

Chiefster23 said:


> Meanwhile, gas is still $2.25 here in PA.


That's still cheaper than Washington. Except, inexplicably, in Cle Elum, WA, where it's somewhere in the $1.20s. We have around $.60 in gas taxes here. I'm not sure how they can afford to sell it that cheap.


----------



## RedLion (Sep 23, 2015)

I heard Rick Perry talking about oil about a week and a half ago. He thought Trump would implement a two part strategy. First was to get OPEC and Russia to agree to reduce production, thus raise the price. Second, for the U.S. to not import any oil and only buy/use U.S. sourced oil. Apparently the U.S. still bought oil from foreign countries while we had more than enough to take care of the U.S. and still export. Dumb.
I had the understanding that an agreement with Russia and OPEC had been arrived at end of last week to reduce production? Maybe not.
Oh, Perry also said that it would be a great time to invest in oil, as the industry would be rocking again in another year or so and those that invested could make a very large profit.


----------



## RedLion (Sep 23, 2015)

paulag1955 said:


> That's still cheaper than Washington. Except, inexplicably, in Cle Elum, WA, where it's somewhere in the $1.20s. We have around $.60 in gas taxes here. I'm not sure how they can afford to sell it that cheap.


We had gas for as low as $.78 cents the start of last week in a few places in MN. I fill up at Costco for $1.24 a gallon.


----------



## Maine-Marine (Mar 7, 2014)

Chiefster23 said:


> Meanwhile, gas is still $2.25 here in PA.


yep..but here in PA they get us with 57¢ tax per gallon... even if gas was free we would still have to pay over half a dollar


----------



## 23897 (Apr 18, 2017)

And it's $4.88 a US gallon in the UK 

Sent from my iPhone using Tapatalk


----------



## RedLion (Sep 23, 2015)

fangfarrier said:


> And it's $4.88 a US gallon in the UK
> 
> Sent from my iPhone using Tapatalk


Socialist Utopia prices.


----------



## Slippy (Nov 14, 2013)

Kauboy said:


> I've been known to be a greedy SOB, so I have to ask the following...
> Is there any way for the average person to get in on this historic moment to profit from the inevitable upswing?
> The world runs on oil. The problem right now is, the world isn't running. When it starts again, this will absolutely rebound. What's a good way to get in on it with some newly received "relief"?


I'm with you @Kauboy, however...

I learned long ago that our Lord and Savior does not necessarily want ol' Slippy to be filthy rich, hence he gave me a set of Cajones that are not meant for the Commodity Futures bidness...Pork Belly's, Frozen Concentrated Orange Juice or Oil.









But, our same Lord and Savior has blessed me in so many ways, so I decided to look at a list of public companies that are dependent on Oil/Fuel Etc and would benefit on potentially lower fuel costs. I'll study this list tonight and maybe make a stock purchase tomorrow.

Other than that, I just took MOST, not all of my stored gas and diesel and dumped it into my truck and tractor respectively. I'll fill the empty tanks up in a couple of days and keep an eye on prices at the pump.


----------



## rice paddy daddy (Jul 17, 2012)

Chiefster23 said:


> Meanwhile, gas is still $2.25 here in PA.


Well, if they paid $2.20 for it, you don't expect them to take a loss, do you?

In fact, most gas stations only make 2 or 3 cents per gallon profit. The money is made inside the store, not out at the pump.


----------



## Smitty901 (Nov 16, 2012)

Most users of large amounts of fuel , hedge their cost buying futures. Class 1 rail road I worked for had said that when oil went above $50 for each dollar it cost them 1 million dollars a day. I know they locked in a major part of the fuel they used in futures. If they did not market swings would shut them down. 
Now the big question. Some that have huge amounts of futures coming due do they pay, default or pay the difference and not take delivery. One Class 1 I looked at a couple years ago used 500,000,000 gallons of fuel for the year. 
Ok why would look at that? I was always impressed at how efficient freight could be moved on a well run rail road. (Not passengers.) When I worked for a class 1 how much we had for capital projects was governed in many ways by fuel cost . Capital projects was how I made my money. And capital projects increase efficiency.


----------



## Chipper (Dec 22, 2012)

Negative oil prices. Does that mean the gas station pays us for taking gas off their hands??


----------



## Kauboy (May 12, 2014)

Chipper said:


> Negative oil prices. Does that mean the gas station pays us for taking gas off their hands??


The gas stations would benefit from the lower prices, assuming they could sell it.
The folks hurt by the price would be those who expend the cost to acquire the resource, and then store or ship it. If you can't make enough money selling it to justify the cost of producing it, you stop producing it.

Or... you know... ask for a bailout... lain:


----------



## jimcosta (Jun 11, 2017)

****OIL CRASHED - TOTAL ARMAGEDDON: What Will It Mean For You?****

17 Minute Video


----------



## Smitty901 (Nov 16, 2012)

Refineries may shut down. In most cases they do not do well operating in a reduced mode. But the sun came up today. Trump can and would order Refineries into production. We have plenty of oil. Be concerned yes. Jump off a bridge no.


----------



## Chiefster23 (Feb 5, 2016)

Refineries working or not may not be the problem. The problem is all storage capacity gets full. There’s no place to put the crude or refined product.


----------



## 1skrewsloose (Jun 3, 2013)

Is it cost prohibitive to stuff excess back into the ground?


----------



## Smitty901 (Nov 16, 2012)

rice paddy daddy said:


> Well, if they paid $2.20 for it, you don't expect them to take a loss, do you?
> 
> In fact, most gas stations only make 2 or 3 cents per gallon profit. The money is made inside the store, not out at the pump.


 1 of the major reasons why the Old Service Stations went away. Kind of like farming you make so little you must make up for it in volume .

Trump has said he will purchase a large amount to pump in to reserves.

When this blows over people will burn gas like crazy


----------



## Denton (Sep 18, 2012)

rice paddy daddy said:


> Well, if they paid $2.20 for it, you don't expect them to take a loss, do you?
> 
> In fact, most gas stations only make 2 or 3 cents per gallon profit. The money is made inside the store, not out at the pump.


Ever notice how that logic doesn't apply when the price of oil goes up?


----------



## Old SF Guy (Dec 15, 2013)

And wouldn't it be great if they could sell barrels of crude to us normal folks for long term storage and then we can take it to a refinery to be converted into what ever type fuel we need and just pay for that service....like getting your corn milled into flour....or timber cut at the saw mill.... That would solve long term fuel storage issues and stabilize oil pricing better. Buy low, sell high.


EPA would lose they minds.....


----------



## Smitty901 (Nov 16, 2012)

Old SF Guy said:


> And wouldn't it be great if they could sell barrels of crude to us normal folks for long term storage and then we can take it to a refinery to be converted into what ever type fuel we need and just pay for that service....like getting your corn milled into flour....or timber cut at the saw mill.... That would solve long term fuel storage issues and stabilize oil pricing better. Buy low, sell high.
> 
> EPA would lose they minds.....


 Where in the heck would you store it . It would be messing with the EPA . A Barrel is refined down in to many different products in the process. Amazing how many products they get out of it.
Buying fuel on the futures would might be an idea . But you have to buy a lot just to place the order. And man do you get screwed if you don't take delivery.
This is going to kick Major Rail Roads in the tail. They make big money on Hauling oil. If it shuts down they will not even have a place to park the tankers. I will be watching a couple class 1's if the stock gets cheap I will be putting some away for grandchildren. Two I am watching are still doing ok for now.


----------



## jimcosta (Jun 11, 2017)

*Jim's Rant For The Day. Deju Vu.*

The drilling rig Deep Water Horizon blew up on April 20, 2010.

The global Oil entire industry just blew up on April 20, 2020.

Deju Vu?


----------



## jimcosta (Jun 11, 2017)

*
Jim's Rant For The Day. Fuzzy Statistics*

I have always done fuzzy statistics in my head searching for anomalies. I am constantly searching for what does not belong so that I can see the direction of things intuitively.

Yesterday I was wondering what triggered the oil collapse. Was it a hurricane wiping out five of the six refineries in Galveston? Was it a war in the middle East? There was an anomaly for me in that there was no triggered cause.

Then this afternoon I was watching the movie *Deep-water Horizon*. At the end it stated that eleven persons died on the day of the explosion on "*April 20, 2010*."

Bingo, that is when it hit me that the oil collapse to negative prices was planned to occur yesterday, *April 20, 2020*. The statistics of it happening on the same day as Deep-water Horizon and exactly ten years later is improbable.

Just imagine what happens when over the next month derivatives are called in for the bankers to pay for the oil collapse. It was planned by the Cabal to end the entire financial mess and blame it on the virus so the bankers could still be in control of the new system.

Source: resetUS.us


----------



## Smitty901 (Nov 16, 2012)

Up side Iran not rolling in oil cash right now. It is about production. Some countries Oil is about the number one income for them. With a few trying to produce more to bring in cash at the same time demand is falling. Price war. In the past they would sit down hammer out a deal to cut production and raise prices . Of course some cheated but the system worked for them. Now the world that was out of oil just has to much and they can not force production cuts on each other. What goes around comes around.
The sun came up again today. It will tomorrow.


----------



## A Watchman (Sep 14, 2015)

jimcosta said:


> *
> Jim's Rant For The Day. Fuzzy Statistics*
> 
> I have always done fuzzy statistics in my head searching for anomalies. I am constantly searching for what does not belong so that I can see the direction of things intuitively.
> ...


Hmmm .....

Either your a crazy old fool .... or you have been paying attention. I am not betting heavily either way.


----------



## Kauboy (May 12, 2014)

jimcosta said:


> *
> Jim's Rant For The Day. Fuzzy Statistics*
> 
> I have always done fuzzy statistics in my head searching for anomalies. I am constantly searching for what does not belong so that I can see the direction of things intuitively.
> ...


So your theory is that Hollywood-esque super villains planned a specific date of an oil market drop to coincide with an offshore rig explosion 10 years ago... for... reasons?

*IF*, and it's a big "if", anyone could manipulate an entire global market commodity with that degree of precision, what grand purpose would it serve to make the date coincide with anything? That verges on comedic with just how pointless it would be to do so.
Humans have short memories. The impact of picking a 10 year old event would fall on 99.99% deaf ears.

Coincidence is a far more reasonable explanation.

EDIT:
To help fuel the conspiracy, here are all the other things of note that happened on 4/20:
1862 First pasteurization test completed by Frenchmen Louis Pasteur and Claude Bernard
1902 Marie and Pierre Curie isolate the radioactive compound radium chloride
1920 Balfour Declaration recognized, makes Palestine a British Mandate
1968 British politician Enoch Powell makes his controversial "Rivers of Blood" speech
1974 'The Troubles', the Northern Ireland conflict between republican and loyalist paramilitaries, British security forces, and civil rights groups, claims its 1000th victim
1980 Climax of Berber Spring in Algeria sees hundreds of Berber political activists arrested
1999 *Columbine High School massacre*: Eric Harris and Dylan Klebold kill 13 people and injure 24 others before committing suicide at Columbine High School, Colorado
and yes...
2010 The Deepwater Horizon drilling rig explodes, killing 11 and causing the rig to sink, causing a massive oil discharge into the Gulf of Mexico and an environmental disaster

Clearly we are facing a cabal that has coordinated some evil things on 4/20, and we should just remove that day from the calendars...


----------



## paraquack (Mar 1, 2013)

Who would have ever thought the barrel would cost more than the oi?


----------



## 23897 (Apr 18, 2017)

Kauboy said:


> So your theory is that Hollywood-esque super villains planned a specific date of an oil market drop to coincide with an offshore rig explosion 10 years ago... for... reasons?
> 
> *IF*, and it's a big "if", anyone could manipulate an entire global market commodity with that degree of precision, what grand purpose would it serve to make the date coincide with anything? That verges on comedic with just how pointless it would be to do so.
> Humans have short memories. The impact of picking a 10 year old event would fall on 99.99% deaf ears.
> ...


You forgot a certain Austrian's birthday: 20 April 1889.

Sent from my iPhone using Tapatalk


----------



## Slippy (Nov 14, 2013)

Hold on just a second Kauboy...

On April 20, 1961 Don Mattingly was born, later to be known as Donnie Baseball, Mattingly arguably was one of the best New York Yankees never to have played in a World Series game. Strangely enough on April 20, 1991, Donnie Baseball was benched by the Yankee Manager, known as Stump. Stump benched Donnie Baseball not because of his playing abilities, but because Mattingly refused to cut his Mullet Style Haircut because the (in)famous NY Yankee owner George Steinbrenner didn't like Mullets!

Coincidence or not? You be the judge...:vs_worry:



Kauboy said:


> So your theory is that Hollywood-esque super villains planned a specific date of an oil market drop to coincide with an offshore rig explosion 10 years ago... for... reasons?
> 
> *IF*, and it's a big "if", anyone could manipulate an entire global market commodity with that degree of precision, what grand purpose would it serve to make the date coincide with anything? That verges on comedic with just how pointless it would be to do so.
> Humans have short memories. The impact of picking a 10 year old event would fall on 99.99% deaf ears.
> ...


----------



## Slippy (Nov 14, 2013)

fangfarrier said:


> You forgot a certain Austrian's birthday: 20 April 1889.
> 
> Sent from my iPhone using Tapatalk


An evil bastard that Austrian was...


----------



## aboole71 (2 mo ago)

I *think *I read a while ago...somewhere around $49.00 a barrell.


----------



## One Shot (Oct 25, 2021)

aboole71 said:


> I *think *I read a while ago...somewhere around $49.00 a barrell.


I believe with OPEC it's over $75 now.


----------

