Oil Collapses to 1 penny a barrel.

It has since recovered to 30 cents.

https://www.cnbc.com/quotes/[email protected]

BUY!! BUY!!! BUY!!!!!!!

sort of, this was an expiring futures contract not necessarily the global price of oil. Other contracts are in the $20s depending on timing and flavor. Tough day in the markets for oil.

I filled my tank this morning and they gave me $20.

This is what happens when oil goes to -$37 barrel

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I’m putting my 200 hp electric outboard on hold….

Eelpoutguy wrote:

I filled my tank this morning and they gave me $20.

EPG they saw you coming. I got $40!

mxskeeter wrote:

<div class=”d4p-bbt-quote-title”>eelpoutguy wrote:</div>
I filled my tank this morning and they gave me $20.

EPG they saw you coming. I got $40!

You forget he drives a Prius.

Dutchboy wrote:

<div class=”d4p-bbt-quote-title”>mxskeeter wrote:</div>

<div class=”d4p-bbt-quote-title”>eelpoutguy wrote:</div>
I filled my tank this morning and they gave me $20.

EPG they saw you coming. I got $40!

You forget he drives a Prius.

Good one DB!

patk wrote:

sort of, this was an expiring futures contract not necessarily the global price of oil. Other contracts are in the $20s depending on timing and flavor. Tough day in the markets for oil.

The June contract is down to +$14 a barrel, it opened at $20. This is kinda how yesterday started with the May contract it was positive to start the day.

its a Prius but its diesel

Silver lining with this whole thing, traffic is great and the 6.2L is light on the wallet for first time ever

And logically, the price of gas around here went UP overnight. Everybody is about .02 higher this morning.

Grouse

I’ve read that the price of fuel won’t be dropping too far.

https://www.weforum.org/agenda/2020/04/oil-barrel-prices-economic-supply-demand-coronavirus-covid19-united-states

The “Experts” in the 70’s would preach to us that we would run out of oil.
Here we are some 50 years later and there is an oil glut.

So “Experts” can be wrong? What else could they wrong on?

Eelpoutguy wrote:

The “Experts” in the 70’s would preach to us that we would run out of oil.
Here we are some 50 years later and there is an oil glut.

So “Experts” can be wrong? What else could they wrong on?

Read an article in the early 80s,they were saying possibly by 1990?But a lot of those oil wells in Texas/Oklahoma that went dry,have magically refilled.

Colin Powell said “Experts often possess more data than judgment.” That said, it is also foolish to discount the findings and recommendations of those who are better educated and informed on specific subjects than are you.

My understanding of the “oil at negative prices” thing is that short term futures contracts went negative out of concern that refining and storage facilities won’t have capacity to store oil in the May time frame due to the fall in consumption. The spot market price for a barrel is still in the $20-$30 range, depending on the source of the crude. Then again, I am no expert on oil…

Eelpoutguy wrote:

The “Experts” in the 70’s would preach to us that we would run out of oil.
Here we are some 50 years later and there is an oil glut.

So “Experts” can be wrong? What else could they wrong on?

Here is an interesting article I came across yesterday on that very topic. My wife and I were talking about with the news of the oil surplus. So I poked around for answers and came across this. It doesn’t talk directly to this situation, but in general why what we were told what we were told.

https://www.e-education.psu.edu/eme801/node/486

al-wichman –

Loved the closing paragraph in the article:

Sheik Ahmed Zahi Yamani, the longtime Saudi oil minister and a key founder of OPEC, has perhaps summed up the world oil market the most nicely. He said, “The stone age came to an end, not for lack of stones, and the oil age will end, but not for lack of oil.”

Brad Dimond wrote:

al-wichman –

Loved the closing paragraph in the article:

Sheik Ahmed Zahi Yamani, the longtime Saudi oil minister and a key founder of OPEC, has perhaps summed up the world oil market the most nicely. He said, “The stone age came to an end, not for lack of stones, and the oil age will end, but not for lack of oil.”

Let us ponder that for a moment.

With a house full of toilet paper, sanitizing wipes and disinfectant, a back yard over run with hogs, dairy cows and beef cattle, does anyone know of a place to store hoarded crude oil? Asking for a friend.

blackbay wrote:

With a house full of toilet paper, sanitizing wipes and disinfectant, a back yard over run with hogs, dairy cows and beef cattle, does anyone know of a place to store hoarded crude oil? Asking for a friend.

Might be someplace selling 50 gallon plastic barrels cheap.
I am doing my part, but there is only so much milk I can drink and I can only eat so much pork and steak as I do like to have some vegetables with the meat

Brad Dimond wrote:

al-wichman –

Loved the closing paragraph in the article:

Sheik Ahmed Zahi Yamani, the longtime Saudi oil minister and a key founder of OPEC, has perhaps summed up the world oil market the most nicely. He said, “The stone age came to an end, not for lack of stones, and the oil age will end, but not for lack of oil.”

Might explain a lot of the power line updates lately. I am not sure if I want to drive a vehicle with an electric engine, some won’t hear it and I might be forced to install speakers that make it sound like a gas powered vehicle

Brad Dimond wrote:

, “The stone age came to an end, not for lack of stones, and the oil age will end, but not for lack of oil.

Jeremy wrote:

Might explain a lot of the power line updates lately. I am not sure if I want to drive a vehicle with an electric engine, some won’t hear it and I might be forced to install speakers that make it sound like a gas powered vehicle

Maybe the 1st quote refers that mankind might go the way of the dinosaurs? Thus, “not for the lack of oil”.

the Feds are practically begging me to keep driving to the river!

Why hasn’t 91 non oxy came down? It cost my 3 bucks a gallon yesterday

Eelpoutguy wrote:

Why hasn’t 91 non oxy came down? It cost my 3 bucks a gallon yesterday

I’m pretty sure it’s a $1.99 here in Hager city, for 91 clear, it went down a $1 over night after my kid took all my cans down to fill toys…

91 was $1.99 at this station too. not sure if ALL 91 is non oxy but nothing was labeled at the pump? I usually get gas only at Kwik trips but this place has held steady at $.99 for a month now so I gave in……never seen prices this low in my lifetime

Can one assume all the tanks are full everywhere? Train yards, semis, refineries etc.

What’s to become of ethanol from all this and perhaps more importantly the farming that much of MN is growing the corn for it correct?

Does all this gas laying around have expiration dates?

Eelpoutguy wrote:

Why hasn’t 91 non oxy came down? It cost my 3 bucks a gallon yesterday

Exactly. Basically the only thing I am buying right now. Good thing it has only been 10 gallons or so.

If the ethanol industry collapses good riddance.