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Oil price collapsed into negative

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Syllogism   New Zealand. Apr 20 2020 23:33. Posts 214

Full article: https://www.ft.com/content/a5292644-958d-4065-92e8-ace55d766654

US oil price below zero for first time in history

US oil prices crashed into negative territory for the first time in history as the evaporation of demand caused by the coronavirus pandemic left the world awash with oil and not enough storage capacity — meaning producers are paying buyers to take it off their hands

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Spitfiree   Bulgaria. Apr 21 2020 00:20. Posts 9202

So who is the US going to be bringing democracy to next to fix this?


whammbot   Belarus. Apr 21 2020 02:54. Posts 420

they should've called me i could use 10,000 liters right now

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Baalim   Mexico. Apr 21 2020 08:28. Posts 33561


  On April 20 2020 23:20 Spitfiree wrote:
So who is the US going to be bringing democracy to next to fix this?



Nobody is selling cheap or overproducing its just a demand thing, nobody is driving and world reserves of oil are full, a war would increase demand but it would need to be a big war and we are still in the middle of a pandemic that would be pretty insane.

That being said the prices will normalize as the lockdowns being easing up, but on the meantime some oil traders and oil countries will be shitting bricks for a couple of months.


That being said it wouldn't be surprised if a war is declared whent he disease risk is much lower and unknown to reactivate the american economy, fucking imperialist economy.

Ex-PokerStars Team Pro OnlineLast edit: 21/04/2020 08:43

Stroggoz   New Zealand. Apr 21 2020 09:07. Posts 4711

Don't think banks care as much about oil anymore, at least that's what the JP-Morgan report indicates. Resources are largely a secondary goal of US imperialism anyway.

once the price bounces back it will lead to increased monopoly power among the fossil fuel companies, (there will be a bunch of mergers and aquisitions).

supposed to have greenstar not bracelet 

Santafairy   Korea (South). Apr 21 2020 12:14. Posts 1818


  On April 20 2020 23:20 Spitfiree wrote:
So who is the US going to be bringing democracy to next to fix this?


not Korea we already have it

It seems to be not very profitable in the long run to play those kind of hands. - Gus Hansen 

Spitfiree   Bulgaria. Apr 21 2020 23:11. Posts 9202


  On April 21 2020 11:14 Santafairy wrote:
Show nested quote +


not Korea we already have it


I heard the US is volunteering Iran


  On April 21 2020 07:28 Baalim wrote:
Nobody is selling cheap or overproducing its just a demand thing, nobody is driving and world reserves of oil are full, a war would increase demand but it would need to be a big war and we are still in the middle of a pandemic that would be pretty insane.



I was mostly joking, but quite honestly I wouldn't even be surprised

Enjoy the internet stupidity while people are asking why do they have to pay for gas then, if oil is -20$

 Last edit: 21/04/2020 23:12

Statik0   Algeria. Jun 15 2020 20:25. Posts 1

Say thank you to the coronavirus for that.


YoMeR   United States. Jul 11 2020 06:38. Posts 12424


  On April 20 2020 23:20 Spitfiree wrote:
So who is the US going to be bringing democracy to next to fix this?



China

..oh wait they got nukes nvm.

eZ Life. 

 



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