Oil prices tumble to lowest level since 1980s
Oil fell to $11.54 a barrel on Monday, down more than 36 percent, on track for its worst day since 1983.

That ^^^ is the price for landlocked US WTI crude
Brent is $27 - lowest for 21 years.
down down down

Yes, when the entire world is closed and opec countries keep pumping and pumping and tankers are floating around in the ocean like oil islands the price is going to tank.
I was thinking it costs about $40 a barrel to produce it.
China has put the domino principle to a test.
Reserves are being filled at cut rate prices and the glut continues.
Interesting that china does not produce this comodity but has caused this calamity.
I suspect they are buying a lot of oil.
Cashing in on their pandemic.
The same people that bought up the PPP gear around the world in January to take advantage of the pandemic they created before the world caught on.
I remember my pop paying 17 cents a gallon during a price war between rival stationa in the 60s and it was 19 cents usually....
The next year is going to be quite a ride.

Supply cannot be turned off. Buy oil tanker stoks.

Do any of you here subscribe to the theory that geopolitical brainiacs and 4d chess players Vlad Putin and MBS have cut a deal, dropping the price of oil through 'competition'. In an attempt to put America's Shale out of business, or at least destroy some of it?

WineOxley wrote: ↑Mon Apr 20, 2020 11:14 pm Do any of you here subscribe to the theory that geopolitical brainiacs and 4d chess players Vlad Putin and MBS have cut a deal, dropping the price of oil through 'competition'. In an attempt to put America's Shale out of business, or at least destroy some of it?

The last thing the Russians want is oil and gas prices dropping as that fucks them up. The only way they can pay for their armed forces is through oil and gas money screwed out of the continentals. They have millions invested in Venezuela, too.

"It's the Saudi's stupid"

Not aimed at anyone here - i have been saying that years, but not about oil - about terrorism.
Their support for Wahhabi ideology infecting the whole world of Islam.

But now it is true for oil. They want to destroy US production.
Their cost of production is $2.80.
$2.80!!

But america still thinks the are their best buddy. Even after 9/11
- and then they get all shitty and antsy with their friends and allies who have followed them into every war, if we ever offer any critisism at all....

headscratch

More importantly what's the price of a litre in PP now

WineOxley wrote: ↑Mon Apr 20, 2020 11:14 pm Do any of you here subscribe to the theory that geopolitical brainiacs and 4d chess players Vlad Putin and MBS have cut a deal, dropping the price of oil through 'competition'. In an attempt to put America's Shale out of business, or at least destroy some of it?

I'm 100% sure this is the case. It's not only about Saudis keeping their market share, but the fact that they remain relevant to the US. In the old days, the US had to spend a lot of blood and treasure in the Middle East to keep the oil flowing. The shale oil boom has made the US not only energy independent but in fact a massive oil exporter. Strategically, the US no longer really needs to worry about the Middle East oil and its allies there. The Saudis have been becoming less relevant to US foreign policy.

The Saudis already tried once to kill the US shale oil industry and it didn't work, the Americans just innovated and became more efficient. This current thing is the Saudis going fucking nuclear, it's OPEC + Russia destroying the price of oil for long enough to actually finish off the American shale producers.

SternAAlbifrons wrote: ↑Mon Apr 20, 2020 10:00 pm Oil prices tumble to lowest level since 1980s
Oil fell to $11.54 a barrel on Monday, down more than 36 percent, on track for its worst day since 1983.

That ^^^ is the price for landlocked US WTI crude
Brent is $27 - lowest for 21 years.
down down down

Still bloody expensive if you compare it to a litre of milk, juice or cooking oil and you cannot even eat / drink the stuff.

But on the other hand , it's cheap if you compare the production cost and money invested in producing oil / petrol etc, as to what money is involved in producing milk, juice or cooking oil.