Oil hits $0.01 a barrel

[Screw_Michigan]

What a great day to be an American

[Left Seater]

That is on the futures market. Not on the actual exchange.

But there is a ton of oversupply at the moment. This will ease in the next few months, but it will likely drive a few producers to bankruptcy. Team D supporters will cheer this development. Then at some point the Middle East and Russia will slow their supply and prices will skyrocket. Prices at the pump will follow. Team D will then complain about the exorbitant prices energy companies are charging and bitch about their profits. Of course they will make no mention of their cheering the bankruptcy of producers previously.

But hey, enjoy the low prices at the pump for the time being and low fares on flights.

[Innocent Bystander]

Negative numbers? Damn you're right:

https://www.wsj.com/articles/why-oil-is ... 1587392745

[Left Seater]

That isn't how it works. Even if the price of gas just before it enters the pump was $0.00 per gallon, you are still going to pay for it.

The Feds take 18.4 cents on each gallon sold. States then add in their taxes. In California that is 57.8 cents per gallon. So in California the cheapest you are getting a gallon of gas for would be 76.2 cents. In Georgia it would be the Fed tax plus the 31.6 cents the state charges per gallon for a total of 50 cents per gallon. In Texas the state charges 20 cents per gallon, so a fill up of my suburban is just under $10 in taxes each time.

The tax man isn't going to let you get away without paying him.

[Mikey]

Trump and the oil industry brought this on themselves, to a large degree, but goosing production to never before seen levels, driving prices down and filling up all available storage. Russia and Saudi Arabia have already agreed with the US to reductions of 10 million barrels per day, which still didn't prevent this from happening.

If some of the producers go out of business, so be it, we'll be healthier for it in the long run.

Drill baby drill!!

[Left Seater]

Russia and Saudi Arabia have already agreed with the US to reductions of 10 million barrels per day, which still didn't prevent this from happening.

If some of the producers go out of business, so be it, we'll be healthier for it in the long run.

Drill baby drill!!

Well the Russia Saudia agreement won’t kick in till next month. Also the all time highs have been driven by technology upgrades mostly that is increasing collection.

This is partly self inflicted, but to say Trump and the oil and gas companies are completely responsible totally ignores the ‘Rona driving demand thru the floor.

[Screw_Michigan]

Drill baby drill!!

Fukk yeah!

[Screw_Michigan]

the ‘Rona driving demand thru the floor.

Correct

[Softball Bat]

Meltdown!

We are in the midst of the Great Depression on steroids.

You better know it.





#pain

[EAP]

Meltdown!

We are in the midst of the Great Depression on steroids.

You better know it.





#pain

you may have to take that back by summer when we'll be open for business again.

[Diego in Seattle]

Meltdown!

We are in the midst of the Great Depression on steroids.

You better know it.





#pain

you may have to take that back by summer when we'll be open for business again.

The country will only be open when the people have confidence that we've done enough testing to know who is infected & who isn't.

This country's population: 330 million.
Number of tests done: 4 million.

And one governor had to use his wife's fluent Korean to order more testing kits.

Public confidence won't return until at least August.

[EAP]

Meltdown!

We are in the midst of the Great Depression on steroids.

You better know it.





#pain

you may have to take that back by summer when we'll be open for business again.

The country will only be open when the people have confidence that we've done enough testing to know who is infected & who isn't.

This country's population: 330 million.
Number of tests done: 4 million.

And one governor had to use his wife's fluent Korean to order more testing kits.

Public confidence won't return until at least August.

Hey low IQ?
The tests are only a snapshot.
They don't tell the complete story.
The antibody testing is worth a thousand times more.
But it's a moot point because the vast majority who have it, have very mild symptoms.
You're the paranoid product of sheep like gullibility.
By summer, we'll be full steam ahead.
And you Kierland and screw will be laughingstocks.

[Kierland]

Not going to happen. Some things due to take place this summer are already cancelled.

So your prediction was wrong as soon as you made it.
You have to be pretty stupid to pull that off.

[Innocent Bystander]

This is all well and good, but what happens now?

[Screw_Michigan]

The country will only be open when the people have confidence that we've done enough testing to know who is infected & who isn't.

This country's population: 330 million.
Number of tests done: 4 million.

And one governor had to use his wife's fluent Korean to order more testing kits.

Public confidence won't return until at least August.

We are desperate for actual, functioning, competent federal government coordination and leadership with getting a massive testing apparatus set up. Instead, the federal government is intercepting states' shipments so Trump can dole it out as political patronage.

Trump is actively interfering with a massive ramp up in testing because cold hard facts interferes with his goal to "open things up" sooner than later. And it makes him look bad, which he told us a month ago at the CDC.

[mvscal]

We are in the midst of the Great Depression on steroids.

No, we're not.

[mvscal]

getting a massive testing apparatus set up.

Which will accomplish what? Please be specific in your response. Thanks in advance.

[Kierland]

Make people feel better, which in this case actually matters. Was that specific enough?

[EAP]

oil is back up again. $15 a barrel.

[Mikey]

That must be close to a record.

[Wolfman]

Recalling when their was a price war, as such then, in 1962. Gas at the pump was 18.9¢ a gallon. Could fill up my '55 Chevy and drive all over.

[EAP]

That must be close to a record.

when it was a penny, why didn't you jump on it?

[Screw_Michigan]

Which will accomplish what? Please be specific in your response. Thanks in advance.

So we know who fukkin has it instead of guessing.

I'm sorry you were born yesterday. You are, and will always be, a pitifully deluded asswipe.

[Mikey]

That must be close to a record.

when it was a penny, why didn't you jump on it?

Like I said in another thread.
Monumentally stupid.