Oil just crashed

[Blackrogue]

Y’all brehs do know that the US built up its oil reserves for the better part of 30 years right? The US got enough oil to last 200 years soooooo with these oil prices going into the tank we will have to tap into ours temporary until this faggit is out of office and prob a 5-10 years after just to correct this shyt

The issue isn't a lack of fuel on the market. The issue is there's a surplus. So having reserves in a surplus period solves nothing. If the prices were sky rocketing that's when you say fukk it we have our stock. But the opposite is happening.
World economy really is collapsing before our eyes.

 

[BigMoneyGrip]

The issue isn't a lack of fuel on the market. The issue is there's a surplus. So having reserves in a surplus period solves nothing. If the prices were sky rocketing that's when you say fukk it we have our stock. But the opposite is happening.
World economy really is collapsing before our eyes.

This virus pretty much exposed the fukk out of the US economy..

 

[Theyeboah]

Y’all brehs do know that the US built up its oil reserves for the better part of 30 years right? The US got enough oil to last 200 years soooooo with these oil prices going into the tank we will have to tap into ours temporary until this faggit is out of office and prob a 5-10 years after just to correct this shyt

The reserves are for military purposes. Strategic economic reasons are not of muh relevance.
Also the reserves ain't lasting 2 years if all oil transport and production is cut off.

 

[Cowboyz89]

I'll be the 1st to admit I have no idea what this means

Basically, the need for gas is low right now. There are few fewer people driving around on the roads using gas. Companies are not shipping around as many goods as they would normally due to all the store closures.
Since less oil is being used by consumers, the people selling it can no longer sell it for the same price.

In other words, if you are really hungry and have no other options, I might be able to finesse you into buying a generic ass cheeseburger for $10. But if you just ate and have an entire thanksgiving dinner at home waiting for you, then you may not want to buy that burger even if I changed the price to just $1.
You have a lower demand for it due to the circumstances changing, and I have to move my price to adjust.

 

[Memorial Stadium Piru]

I was gonna head up to North Dakota this summer to work the oil fields but that shyt may be a dub

 

[BlackBall]

 

[newarkhiphop]

Someone was also explaining this to me on how to get good wholesale fuel prices since I have a gas station.

On a regular day prior to the virus. Where I'm at at least.. the oil marketers are given allocations and an expiry date on their allocations. So they have to sell to dealers prior to that date who then sells it to consumers. As you approach that allocation expiry date they become desperate and have to dump it at a lower price or the incur heavy expenses keeping their fuel at the depot longer. So sometimes it's good to have someone inside on the depot telling you which marketer slot is about to expire and that person will give you a better price..

Right now demand for fuel is low. Marketers still have a ton of fuel they haven't got rid of and their prices are dropping just to dump that shyt. The producers also have it bad cause no marketers are buying new product when they still have stock they have to get rid of to dealers.

you own a gas station?

 

[Family Man]

eat a dikk & kill yourself, fukking neck beard

Suck a dikk fakkit

 

[CouldntBeMeTho]

America needs to transition off oil, now would be a great time.

1$ a barrel

 

[bnew]

You got people on here who says a virus outbreak would be far worse

economies can recover, the dead stay dead.

 

[Uno Venova]

Means you ain’t getting any stimulus check as the state is broke.

This lockdown needs to end quick otherwise what’s coming next will be far worse

People are still not going outside anywhere near like before until they have confidence this is under control, lockdown or not

 

[CouldntBeMeTho]

Y'all remember when nikkas used to put $5 on gas

And 5 on the weed

Those days coming back

 

[Savvir]

America needs to transition off oil, now would be a great time.

1$ a barrel

transitioning off oil would just drop the price more...
this is a good time for consumers of oil...
bad time for sellers

 

[BmoreGorilla]

I came in here looking for some answers and all I see is a bunch of nikkas who prolly don’t know what they talking about

 

[cobra]

There's a thread on this already. The Saudi/Russian proxy war has had huge effects. They flooded the market.

guess who is the number 1 producer of oil worldwide?
its not Saudi or Russia
its the US