cancel
Showing results for 
Search instead for 
Did you mean: 

Oil has dropped below 0...about -40 dollars a barrel

tag
sarge12
Senior Contributor

Oil has dropped below 0...about -40 dollars a barrel

I am trying to think of where I could store a few thousand barrels. The report said that it is not a simple process to shut down refining and creats great cost to restart. They are running out of storage space so they will actually pay places to take it off their hands. This is just crazy, but the rub is that they were close to maxxed out in storage before this virus put half the Nation in quarantine.

TU fico08=824 06/16/24
EX fico08=815 06/16/24
EQ fico09=809 06/16/24
EX fico09=799 06/16/24
EQ fico bankcard08=838 06/16/24
TU Fico Bankcard 08=847 06/16/24
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 1 of 7
6 REPLIES 6
CYBERSAM
Senior Contributor

Re: Oil has dropped below 0...about -40 dollars a barrel

Counteries are producing WAY too much oil. Just fly over Persian Gulf at night and you can see them everywhere...

Its just matter of time before electrial cars, vans, delivery trucks etc. become practical! I would drive one if battery could charge faster and last longer. Give it 10-20 years and gas cars are going to be antique! 🚗







                
Message 2 of 7
iced
Valued Contributor

Re: Oil has dropped below 0...about -40 dollars a barrel

Oil isn't trivial or cheap to store, demand is way down, and production is way up thanks to Saudi Arabia and Russia's little spat a little bit back, so this was bound to happen sooner or later.

 

I found it interesting that the entirety of the US oil sector is now worth just about half of what MSFT is. Not the juggernaut it once was.

Message 3 of 7
sarge12
Senior Contributor

Re: Oil has dropped below 0...about -40 dollars a barrel


@CYBERSAM wrote:

Counteries are producing WAY too much oil. Just fly over Persian Gulf at night and you can see them everywhere...

Its just matter of time before electrial cars, vans, delivery trucks etc. become practical! I would drive one if battery could charge faster and last longer. Give it 10-20 years and gas cars are going to be antique! 🚗


Which might not even reduce the demand for oil. Oil can be used as a fuel to power the generators that produce the electricity. Some group is against nuclear due to possible catastrophy, windmill generators are expensive and kill birds. Solar cells are expensive and eventually need replacement and the old ones go where...the landfill maybe. Coal is cheap, but require dangerous extraction and polute as well. Nearly every method of producing electricity has drawbacks, and have you ever seen a litium battery go thermal? An electric vehicle is a possible bomb, and litium ion batteries can't even be shipped on a commercial passenger airliner. Yes, lithium ion batteries can bring down a plane if thermal runaway happens. Every energy source has both advantages and pitfalls, so pick your poison. When I left High school and became an HVAC technician, guess what I used every single day in the winter....asbestos...it was considered a wonderous material for furnaces, boilers, and many other fireproof areas. Is asbestos highly regarded today? No, it requires full hazmat suits and professional removal techniques to extract it. We used asbestos tape, cement, bricks, and never so much as used a mask, as we in fact were unaware that a danger even existed.

TU fico08=824 06/16/24
EX fico08=815 06/16/24
EQ fico09=809 06/16/24
EX fico09=799 06/16/24
EQ fico bankcard08=838 06/16/24
TU Fico Bankcard 08=847 06/16/24
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 4 of 7
Anonymous
Not applicable

Re: Oil has dropped below 0...about -40 dollars a barrel


@sarge12 wrote:

@CYBERSAM wrote:

Counteries are producing WAY too much oil. Just fly over Persian Gulf at night and you can see them everywhere...

Its just matter of time before electrial cars, vans, delivery trucks etc. become practical! I would drive one if battery could charge faster and last longer. Give it 10-20 years and gas cars are going to be antique! 🚗


Which might not even reduce the demand for oil. Oil can be used as a fuel to power the generators that produce the electricity. Some group is against nuclear due to possible catastrophy, windmill generators are expensive and kill birds. Solar cells are expensive and eventually need replacement and the old ones go where...the landfill maybe. Coal is cheap, but require dangerous extraction and polute as well. Nearly every method of producing electricity has drawbacks, and have you ever seen a litium battery go thermal? An electric vehicle is a possible bomb, and litium ion batteries can't even be shipped on a commercial passenger airliner. Yes, lithium ion batteries can bring down a plane if thermal runaway happens. Every energy source has both advantages and pitfalls, so pick your poison. When I left High school and became an HVAC technician, guess what I used every single day in the winter....asbestos...it was considered a wonderous material for furnaces, boilers, and many other fireproof areas. Is asbestos highly regarded today? No, it requires full hazmat suits and professional removal techniques to extract it. We used asbestos tape, cement, bricks, and never so much as used a mask, as we in fact were unaware that a danger even existed.


You know the sad part is the mine owners and manufacturers knew it way back when that it was hazardous to our health and did nothing?! Smiley Mad Will add for much of the northern climates in the United States, electric cars will not handle the winters due to the energy losses related to battery temperature!

Message 5 of 7
sarge12
Senior Contributor

Re: Oil has dropped below 0...about -40 dollars a barrel


@Anonymous wrote:

@sarge12 wrote:

@CYBERSAM wrote:

Counteries are producing WAY too much oil. Just fly over Persian Gulf at night and you can see them everywhere...

Its just matter of time before electrial cars, vans, delivery trucks etc. become practical! I would drive one if battery could charge faster and last longer. Give it 10-20 years and gas cars are going to be antique! 🚗


Which might not even reduce the demand for oil. Oil can be used as a fuel to power the generators that produce the electricity. Some group is against nuclear due to possible catastrophy, windmill generators are expensive and kill birds. Solar cells are expensive and eventually need replacement and the old ones go where...the landfill maybe. Coal is cheap, but require dangerous extraction and polute as well. Nearly every method of producing electricity has drawbacks, and have you ever seen a litium battery go thermal? An electric vehicle is a possible bomb, and litium ion batteries can't even be shipped on a commercial passenger airliner. Yes, lithium ion batteries can bring down a plane if thermal runaway happens. Every energy source has both advantages and pitfalls, so pick your poison. When I left High school and became an HVAC technician, guess what I used every single day in the winter....asbestos...it was considered a wonderous material for furnaces, boilers, and many other fireproof areas. Is asbestos highly regarded today? No, it requires full hazmat suits and professional removal techniques to extract it. We used asbestos tape, cement, bricks, and never so much as used a mask, as we in fact were unaware that a danger even existed.


You know the sad part is the mine owners and manufacturers knew it way back when that it was hazardous to our health and did nothing?! Smiley Mad Will add for much of the northern climates in the United States, electric cars will not handle the winters do the losses related to temperature!


Yes, It just amazes me how people think just converting to electric cars will be so environmentally friendly, and never once consider the fact that the generators that produce this electricity are going to have to have to be powered by something, the generators themselves will require a lot of copper windings that must be mined. The batteries used in electric cars contain dangerous and hazerdous materials that will wind up in landfills, and must be produced in factories, and the electricity to charge them, does not just magically appear on the grid. Absolutely every possible way of producing any energy source has cost associated with it, and even though electricity might be clean and produce no emmissions by the time it is at our homes outlets, many of the methods used to get it there in sufficient quantities is not. One of the laws of physics is that energy can not be created or destroyed, only transformed. Why some people see clearly what it takes to get gas at a gas pump to run cars that burn the gas, but ignore what it takes to get electricity to a charging station is hard to understand.

TU fico08=824 06/16/24
EX fico08=815 06/16/24
EQ fico09=809 06/16/24
EX fico09=799 06/16/24
EQ fico bankcard08=838 06/16/24
TU Fico Bankcard 08=847 06/16/24
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 6 of 7
CYBERSAM
Senior Contributor

Re: Oil has dropped below 0...about -40 dollars a barrel


@sarge12 wrote:

@Anonymous wrote:

@sarge12 wrote:

@CYBERSAM wrote:

Counteries are producing WAY too much oil. Just fly over Persian Gulf at night and you can see them everywhere...

Its just matter of time before electrial cars, vans, delivery trucks etc. become practical! I would drive one if battery could charge faster and last longer. Give it 10-20 years and gas cars are going to be antique! 🚗


Which might not even reduce the demand for oil. Oil can be used as a fuel to power the generators that produce the electricity. Some group is against nuclear due to possible catastrophy, windmill generators are expensive and kill birds. Solar cells are expensive and eventually need replacement and the old ones go where...the landfill maybe. Coal is cheap, but require dangerous extraction and polute as well. Nearly every method of producing electricity has drawbacks, and have you ever seen a litium battery go thermal? An electric vehicle is a possible bomb, and litium ion batteries can't even be shipped on a commercial passenger airliner. Yes, lithium ion batteries can bring down a plane if thermal runaway happens. Every energy source has both advantages and pitfalls, so pick your poison. When I left High school and became an HVAC technician, guess what I used every single day in the winter....asbestos...it was considered a wonderous material for furnaces, boilers, and many other fireproof areas. Is asbestos highly regarded today? No, it requires full hazmat suits and professional removal techniques to extract it. We used asbestos tape, cement, bricks, and never so much as used a mask, as we in fact were unaware that a danger even existed.


You know the sad part is the mine owners and manufacturers knew it way back when that it was hazardous to our health and did nothing?! Smiley Mad Will add for much of the northern climates in the United States, electric cars will not handle the winters do the losses related to temperature!


Yes, It just amazes me how people think just converting to electric cars will be so environmentally friendly, and never once consider the fact that the generators that produce this electricity are going to have to have to be powered by something, the generators themselves will require a lot of copper windings that must be mined. The batteries used in electric cars contain dangerous and hazerdous materials that will wind up in landfills, and must be produced in factories, and the electricity to charge them, does not just magically appear on the grid. Absolutely every possible way of producing any energy source has cost associated with it, and even though electricity might be clean and produce no emmissions by the time it is at our homes outlets, many of the methods used to get it there in sufficient quantities is not. One of the laws of physics is that energy can not be created or destroyed, only transformed. Why some people see clearly what it takes to get gas at a gas pump to run cars that burn the gas, but ignore what it takes to get electricity to a charging station is hard to understand.


LOL ok!

No one thinks electricity is magic! (Hope not)

Yes there are many products that use petroleum, yes there are waste, yes there is no free energy, but what it takes to convert energy is the key factor.

Over hundred years ago coal was the main source of energy. Used for heating and transportation. However today is rarely used.

I’ll be very surprised and disappointed if by end of this century, internal combustion engines are still used.

Overwhelming majority of oil used today is by internal combustion engine vehicles. Which produce incredible amount of CO2 and its very inefficient.

Electrical vehicles may produce some hazardous waste but they are significantly cleaner for air than gas powered cars. They are not as practical yet but its just mater of technology catching up. Also, for the record I have no issue with nuclear power plants in US. They are used all over the world.







                
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.