NEW YORK (AP) — The world is awash in oil, there’s little demand for it and we’re running out of places to put it.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1305086
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1305086
What Does It Mean When Oil Prices Go Negative?
Peak oil was a myth?
We can live without oil ?
OPEC is not quite as powerful as they thought they were?
Does Texas go bankrupt?
All sorts of questions
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It means when you buy a barrel of oil, with the oil you also get a check.
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That we’re entering the Great Trump Depression?
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Ding! Ding! Ding! Ding! Ding! Ding!
Maximus FTW
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They’ll clean your windshield and check your tire pressure too
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I’ve been depressed since early November 2016.
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but there’s still too much oil in the world.
Words that I never believed I would see.
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It means it took only one Trump Presidency to nearly achieve the Keep it in the Ground goals.
But if all the storage tanks are full, oil companies will begin shutting in wells, which can damage oil fields. Many tankers are full of oil and floating at sea.
If shutting it down could damage it, maybe we should have considered not to start it in the first place.
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And Fracking?
Fuggedabout it
Oil needs to be $60 to $70 a barrel to break even
That shit gonna stop
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The U.S. Strategic Petroleum Reserve can take another 162 million barrels.
The last time oil was added to it was when Cheney, err Bush, started buying oil at the top of the market in 2007 - naturally seeking to drive up the price when it already at an all time high. Now the government could make money putting oil into it. But knowing the deep sympathy the Administration for the poor oil trader, they will probably be willing to take the oil for nothing and not charge a fee on top.
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So if there is nowhere to store the crude, wouldn’t the logical step be to stop pumping the crude?
Cutting production by 10% did nothing.
Oh wait, silly me. They want it all to rule the world that isn’t using it as before.
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Trump : I hereby order people to resume driving…drive to your former place of employment … then drive home … commute the economy back to life DAMN IT!
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What Does It Mean When Oil Prices Go Negative?
Does it mean I get a 16-ounce Bud and a Slim Jim thrown in next time I fill up my tank for free?
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"So there’s no winner in this situation today.”
uhhh, Planet Earth?
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The TPM article failed to mention that the OPEC+ oil production cuts don’t begin until May.
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(AP) CALIFORNIA - We’ve learned recently about a non-problem for an expensive commodity that can be stored indefinitely! Oil is a substance pumped from the ground and used for a variety of purposes.
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Donnie plays Let’s Make A Deal and picks door # 3, as usual.
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…
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And the short sellers in the futures market are also big winners.
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