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Negative oil prices?

Milo 2.5 said:
Funny, gas prices have not dropped a cent here. Oil tanked a month ago, it is coming though. 30 cents lower 100 miles each side of us. When oil goes up, prices raise in 5 hours or less.
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I remember they would jack prices up on weather reports of possible storms that might effect refineries , gas prices went up on cloudy days .
 
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US oil is trading in the $20s. There are grades, and "better" grades trade higher (light sweet, for example). Canadian heavy crude is more difficult to refine and, thus, trades lower.
 
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Diesel $1.89 here for the last week. Most stations are at about $2.21-2.35

In the republic of Boulder they hate everything but fruits and nuts. Diesel still $$$$$.
 
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$1.27 today......but it is tax free. About the only thing tax free in this fuckin state.
 
Blowby said:
Diesel $1.89 here for the last week. Most stations are at about $2.21-2.35

In the republic of Boulder they hate everything but fruits and nuts. Diesel still $$$$$.
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Yep - still paying $2.77/gal for diesel here in MI, at least as of a few days ago.
 
We have one good bit of news in this time of gloom...
 
Agree and huge disagree. Oil dropped like a rock. Over night roughly 1 million lost there jobs in oil field. You haven't heard a word about that. Glad I got out when I did. Saudi and Russia shut down our oil drilling/ production overnight. Hope you enjoy your cheap fuel prices, just keep in mind there was a huge price we are all going to pay.
 
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paulrem308 said:
Agree and huge disagree. Oil dropped like a rock. Over night roughly 1 million lost there jobs in oil field. You haven't heard a word about that. Glad I got out when I did. Saudi and Russia shut down our oil drilling/ production overnight. Hope you enjoy your cheap fuel prices, just keep in mind there was a huge price we are all going to pay.
Click to expand...
No shit, I honestly don't care for 3 buck gas, i'll pay 2.25 -2.50 to keep things rolling.
 
And...the stimulus bill had $3B cut from it that was supposed to buy 30M bbls of oil for the USA strategic reserve from USA companies.

You know, work to fill up the reserves when oil is way cheap and put money into reviving US business that have laid off a ton of people? That makes too much sense. Instead give money to people for nothing and wait until oil is back at $80 a bbl to fill the reserves.

I know it's not that simple....but still.

Rant off.

ZY
 
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paulrem308 said:
Agree and huge disagree. Oil dropped like a rock. Over night roughly 1 million lost there jobs in oil field. You haven't heard a word about that. Glad I got out when I did. Saudi and Russia shut down our oil drilling/ production overnight. Hope you enjoy your cheap fuel prices, just keep in mind there was a huge price we are all going to pay.
Click to expand...

Thats exactly why everyone in the oil field tells new guys to save their money. Working in the oil fields has been boom and bust forever. Drilling gets shut down and rigs get stacked out all the time.
 
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ZY100 said:
And...the stimulus bill had $3B cut from it that was supposed to buy 30M bbls of oil for the USA strategic reserve from USA companies.

You know, work to fill up the reserves when oil is way cheap and put money into reviving US business that have laid off a ton of people? That makes too much sense. Instead give money to people for nothing and wait until oil is back at $80 a bbl to fill the reserves.

I know it's not that simple....but still.

Rant off.

ZY
Click to expand...

A bunch of U.S money was used to buy a bunch of that Saudi oil they dumped on the market, and was put right into our strategic reserve.
 
Here in central Wyoming today, it was a $1.87 a gal. Four years ago in eastern WY where I goose hunt, it dropped to $1.24 a gal. My brother uses portable tanks to haul hazardous oilfield chemicals. I asked to borrow a 500 gal tank to fill up with that $1.24 gas when I was down there. He said if you get a call from the EPA, you don't know me. Needless to say, I chickened out...
 
D1E7C0D2-6D3B-406C-96A8-91774539102B.png
 
Stupid? When's I lived in Cali, regular was closer to $5 than it was $2...
 
Where do I go where they will pay me to fill up my truck?

Negative oil prices...FFS.

Guess we will just need to dump the excess into the ocean.
 
Maggot said:
If I recall 4 liters = one Imperial gallon which = about 1.1 US gallons so your price is still pretty high.
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The US gallon is used in the United States and is equal to exactly 231 cubic inches or 3.785411784 liters. The Imperial gallon or UK gallon is used in the United Kingdom and is equal to approximately 277.42 cubic inches. Its exact value is defined as 4.54609 liters. One imperial gallon is approximately 1.2 US gallons.
 
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supercorndogs said:
Thats exactly why everyone in the oil field tells new guys to save their money. Working in the oil fields has been boom and bust forever. Drilling gets shut down and rigs get stacked out all the time.
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Not like this, man. Furthermore, it’s been bust since 2015, the rig count is going to fall much lower over the next two months. This is going to be a lot of lost jobs. Hundreds of thousands maybe more, the collateral damage could double that number. This coupled with the shut downs... this could be the kickoff to a brave new America.
 
ZY100 said:
And...the stimulus bill had $3B cut from it that was supposed to buy 30M bbls of oil for the USA strategic reserve from USA companies.

You know, work to fill up the reserves when oil is way cheap and put money into reviving US business that have laid off a ton of people? That makes too much sense. Instead give money to people for nothing and wait until oil is back at $80 a bbl to fill the reserves.

I know it's not that simple....but still.

Rant off.

ZY
Click to expand...

Holy crap, $3 billion for 30 million barrels? That's not "stimulus", that's fuckin' robbery.
 
jakelly said:
Not like this, man. Furthermore, it’s been bust since 2015, the rig count is going to fall much lower over the next two months. This is going to be a lot of lost jobs. Hundreds of thousands maybe more, the collateral damage could double that number. This coupled with the shut downs... this could be the kickoff to a brave new America.
Click to expand...

www.forbes.com

How Houston Survived the Great Oil Bust of 2015-16

The 2015-16 oil bust triggered what was arguably the worst downturn in the history of American oil. So why was the story different in Houston?
www.forbes.com www.forbes.com


US Oil Rig Count

In depth view into US Oil Rig Count including historical data from 1987, charts and stats.
ycharts.com ycharts.com

Rig count now is higher than 2009 and 2015. 2009 was around the time I left.
 
diesel $1.69. Have 2- 300gal bulk barrels sitting empty. Will b filling next week it looks like
 
I feel bad for the oil field workers, the ones actually working for a living. I don't feel sorry at all for the parasites on Wall Street who I hope lost their shirts.

These are the same scumbags that drove the price of gasoline to $5+ a gallon on pure speculation 10 years ago. Fuck them.
 
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