Oil just crashed

[Dameon Farrow]

-$35

They can pay me ill take some barrels

the wild part is this is literally what this means. They'd have to pay you to grab a barrel from them. The ultimate bag holder!

 

[TheAnointedOne]

Trump's approval rating is dropping like a rock. He may try something drastic to secure a re-election win. Maybe start another war.

 

[JordanWearinThe45]

And damn near fill up the tank.

Nah I ain’t that old nikka $5 used to give me a calm quarter tank

 

[Professor Emeritus]

US gets like 5% of our oil from Saudi Arabia

we get almost all our oil from South America, mainly Venezuela and then Mexico

not sure how the Russians and Saudi Arabia beefing over their oil trade effects us, they both could be wiped off the map today and our oil reserve would be fine

It's not about oil supply. It's about the profitability of American oil companies. Saudi companies can weather the storm due to state sponsorship. Is the USA going to just prop up its oil companies indefinitely when oil ain't selling?

 

[YouMadd?]

Yep All landlocked countries shouldn't have been producing... But places like Nigeria with offshore drilling were fine to keep pumping.

All that we are seeing is the fake oil industry being exposed.

 

[itsyoung!!]

Is the USA going to just prop up its oil companies indefinitely when oil ain't selling?

it looks like it has no choice currently

 

[YouMadd?]

Imma be out here like Charlie, slinging oil from the back of a van in 2021.

lmao Charlie explanation of how they would keep track of what they sell is comedic gold

 

[Eternal Tecate]

Lol yeah. I think In business there are a lot of people that are essentially middle men. Once you figure out what they are doing and how they operate you can work with them. It's like playing black jack and figuring out the dealer has to stay at 17.

Today I was given a buying price that was shyt. I called up someone else and his was lower. I called the other people like hey. This the price I'm getting. So they my normal connect but I had to force their price down cause I knew wsup and how much other people were operating at.
Also with business I've found prices at the retail level are greatly inflated when you find out how much the wholeseller getting it for. Especially stuff like alcohol. You can literally start an account at a wholeseller. Buy shyt from him and flip it at 2 or 3 times the value. It's making me diligent about how I buy things. I try to get as close to the production source as much as possible because you cut out all these middle men's expenses to get the exact same product. So yeah I'd say its like the drug game. Except I have no experience in that.

And those middle men are in every industry fukking the price of everything up. As a society we should be keeping the price for everything as low as possible so everyone can allocate their time more efficiently.

 

[Freedman]

it looks like it has no choice currently

Spooky USA will subsidize everybody but the citizens

 

[easymoneysniper]

Back in 2015/2016 when prices was hella low Saudi Arabia had to burn through a large amount of their cash reserves to the point the IMF said that if prices stayed low Saudi Arabia would go bankrupt. This was when oil was $65 a barrel. The Saudis need oil to be $86-88 a barrel to balance their budget. We are at negative dollar territory so they cannot sustain that for long. Before the last oil drop Saudi Arabia had $770 billion in cash reserves. From 2015-2017 that number dropped to $500 billion. That means in two years they spent $200 billion of cash before oil makers got normal in 2017z Prices went back up again but things haven’t changed for the Kingdom. They have a very expensive war in Yemen, have a bloated military budget and plans to build a new city in the desert. So the Saudis can’t maintain this for long. Because if oil stays below $80 for the next 2 years they will have their cash reserves drop to $100 billion and we will see a insolvency crisis in Saudi Arabia.

All facts.

But alot of their deficit is due to bloat and wastage, if they be smart about it they can get through just fine - they just been used to coasting and being lazy and a lot of corruption in the country.

That said, I can easily see the royal family just bailing on the country and taking their billions and moving overseas. So yeah, hard to say which way it goes

 

[MikelArteta]

This is a winner, LMAO

 

[easymoneysniper]

The Saudis and Russians are directly attacking US shale and the economy at large. The news pieces you’re regurgitating are shying away from the fact that large pieces are now moving to knock the US down off its perch by utilizing the financial stress caused by the pandemic.

Saudi needs US for geopolitical reasons otherwise they would be toast.

Russia on the other hand...can see them trying to fukk us over. shyt this is world war scenario. My pops was telling me we got more deaths from rona on a monthly basis than in WWII

 

[Uitomy]

for those of us not in the top 2% corona is the great equalizer.

so many ways to come out of this better than you went in.

I say let all this shyt crash.

The new “trickle up” economy

Finna hedge my cash hard with silver and cryptos shyt gonna get crazy, the inflation will be out of control,

 

[Uitomy]

Oh shyt

I just thought about Venezuela, nikkas is legit gonna have to abandon that whole country

 

[CarltonJunior]

It's funny, I was raised in the Bush era where I was taught that gas was a nonrenewable resource that is doomed to fail and we need to find alternative methods of running our engines.

Now that a pandemic has happened and we found several different methods of running our engines, the demand for oil being at an all time low is now a bad thing.