2020 Apr 2, 8:39am
1,304 views 31 comments
There's just no demand. Work at home employees just don't use fossil fuels.
they know they have to monetize their oil in the next 10-20 yrs before massive moves to renewables.
So this is a 20 yr plan and they just happened to initiate it last week? lol
komputodo saysSo this is a 20 yr plan and they just happened to initiate it last week? lolNo but it's not like they can keep their oil to sell later for a better price.
when oil is the discussion, why does everyone just think of cars? plastics, textiles, farm chemicals, paint, electricity generation, heating, etc
I've been called a liar here on several occasions when I said the Oil and Gas price pull back was due to no storage space available for the refined Gasoline, due to the decline in people driving due to the price of high gas. The reality is nobody can sell Oil for $25 a barrel even if they wanted to. There's no where to put it, and nothing to consume it with. There's just no demand. Work at home employees just don't use fossil fuels.
Work at home employees just don't use fossil fuels.
Why can't they leave it in the ground....why isn't it already sold under contract for a set price?
USD shoots for the stars ;)
Don't you mean the moon?
It is funny, when prices are high and threatening to go higher is when airlines and other large players try to lock in prices.
And when a Windfall Profits Tax was levied on the oil companies in the late 70's because of the "obscene" profits they were making at people's expense.
How did the world's oil glut go from having to pay someone $100 to take a barrel of oil 6 weeks ago to now being priced at $32 during an economic shutdown and very low consumption it wan't just a paper manipulation? TPB?
I would say if 1/2 the white collar working population will work from home now that it will reduce gas demand by at least 25% from its peak consumption level.
When people are taxed by over paying for gas, they drive less, and spend less, less GDP growth.
Are people really that broke where $100-$300 is a big deal?
$400 - Car Payment$200 - Insurance Payment.
More frivolous trips, more domestic spending on other goods.
My wife and I are $1,600/yr with full collision coverage and I think $500 deductible.