Originally published at: https://boingboing.net/2020/04/20/price-of-u-s-crude-oil-crashe.html
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And yet gas prices where I live are still above $2.00. Weird!
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Funny, I just filled up and they gave me $12.00 and a free oil change.
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It’s almost like there are costs to refining and transporting gasoline besides the crude oil!
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Trump proposes a bailout of the oil industry in 3. . . 2 . . . 1 . . .
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Don’t worry, he’s already set aside petty concerns like testing and treatment to leap into action raising prices:
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Dependent though we currently are as a society on oil, the fact that the right-wing authoritarians and climate-change denialists who run the industry are suffering warms my heart a bit.
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the May U.S. WTI contract fell $19.06, or 104.3%, to a discount of 79 cents a barrel at 2:09 p.m (1809 GMT) after touching an all-time low of -$1.43 a barrel.
90 minutes later, negative 79 cents ain’t looking so bad; it’s now at about -$40.
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Maybe they can just switch those pumps to “reverse” and start putting it back where they got it.
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I’ve only been following it in passing, but the US has been energy independent because of advances in technology to reach harder-than-normal oil. For whatever that’s worth, independence happened under Obama. But the higher expense to extract assumes a higher per-barrel cost to sell it.
Saudi Arabia and Russia know this. They’re not very good at trusting each other and coordinating, but there was talk about crashing the price of oil to bankrupt US and Canadian companies because their own oil is cheaper to extract.
This has been playing out for weeks now. I can imagine the price going negative because there’s just no place to stash the oil that’s been pumped out. I haven’t really heard anything from Trump. So I’m not quite sure how he’ll react. I’m seeing some pro-Trump accounts crediting Trump for US energy independence and saying this is a sign we should reopen. So perhaps he’ll ignore the oil issue and parlay that excuse into something else he’s pushing for: reopening under the current circumstances.
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Thread:
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Storing the oil costs ~$20 a barrel, where the price has been hovering the past few weeks. As soon as the price dropped under $20 it was already being sold at a loss. Today it just cratered though. This is a crazy time we’re in
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The guvmint do take a bite, don’t she?
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The Russia-Saudi attack on US frackers was a bad idea before the virus, and look at it now. They’ll suffer more, as oil is their government lifeblood.
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they’d be willing to pay you to take it off their hands.
Luckily, the EPA is finalizing regulatory guidance allowing them to instead dump it all in local streams and wetlands.
Problem solved.
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You do realize that cheap oil ain’t gonna help the move to electric cars and renewable energy right? In fact, it will be a massive setback.
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so like my saving account
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I do, which is why I acknowledged our society’s existing dependence on fossil fuels (including in regard to various government policies). Still, I’m glad that the arseholes foreign and domestic who run the industry are hurting.
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There must be a bunch of oil tankers parked off shore somewhere just waiting for this to blow over. Satellite photos anyone?
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