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Yesterday's April 17th EIA report showed new US domestic oil rigs down 60% TYD, total rigs down to 529 from 1012 the same week last year. But here is the kicker: domestic oil production is unchanged for the week 2020 over 2019.
As predicted, we are speeding up oil rigs, not slowing down, as companies try to capture as much cash flow as they can to survive. The May 11th close of the June WTI contract is going to be another lemming off the cliff. Maybe two. Maybe five.
Compare this real time snapshot of oil tanker only traffic to our virtually empty airports.
Thank God our government remains asleep at the wheel, or they'd surely find a way to make it worse.
The Saudi's have the lowest cost of production in the world, but they have borrowed heavily and the monarchy spends a lot to stay in power. Why are we still importing oil when we have become net exporter, oh yeah the Rep. congress decided to let us export rather than fullfill our needs 100% first.
The Saudi's have the lowest cost of production in the world, but they have borrowed heavily and the monarchy spends a lot to stay in power. Why are we still importing oil when we have become net exporter, oh yeah the Rep. congress decided to let us export rather than fullfill our needs 100% first.
Sadly, its too late for WTI crude production and the banks and cities that financed them. They need ~$50/barrel to break even. The last contract settled $88/barrel below that minimum. The May 11 settlement could be negative $200/barrel.
The government is assininely considering paying oil companies not to produce, in a desperate attempt to keep average people from reaping any benefit whatsoever from low oil prices, while stuffing hundreds of billions in the pockets of the worlds richest men.
The current government crime spree is truly unparalleled in human history.
Yep. The thing the government fears the most is the natural and overwhelming force of price deflation as goods and services are more efficiently produced, making the average joe exponentially more wealthy. Wheres the power in that?
But they've met their maker on this one because the only way to destroy oil is to use it, unlike their medieval idea of crop burning.
My guess is they'll pay wealthy oil men billions if not trillions to shut-in US wells, not realizing that fracking wells cannot be reopened. Then, in 3-5 years when demand begins to rise from the ashes they've created, we will again be at the mercy of foriegn oil but without the benefit of the petro-dollar.
We are quickly losing WWIII. It is basically over unless we decide the military is our final option, and we always do. It'll be interesting to see how we spin it.
Yep. The thing the government fears the most is the natural and overwhelming force of price deflation as goods and services are more efficiently produced, making the average joe exponentially more wealthy. Wheres the power in that?
But they've met their maker on this one because the only way to destroy oil is to use it, unlike their medieval idea of crop burning.
My guess is they'll pay wealthy oil men billions if not trillions to shut-in US wells, not realizing that fracking wells cannot be reopened. Then, in 3-5 years when demand begins to rise from the ashes they've created, we will again be at the mercy of foriegn oil but without the benefit of the petro-dollar.
We are quickly losing WWIII. It is basically over unless we decide the military is our final option, and we always do. It'll be interesting to see how we spin it.
Why don’t you just kill yourself now and end your suffering. lol
Why don’t you just kill yourself now and end your suffering. lol
Sorry...just couldn’t resist.
Because I'm making more money shorting this disaster than I've made in my entire life. I'd give it all back to have my country back.
P. S. Oil prices are plunging again tonight. And the trillions the Fed spent "fixing" the yield curve just got burned up in the fire, its inverted again already. We could have paid off every home mortgage for the bottom 95% of home owners. Instead, we tried to bailout 1% of the $600T in losses from wild banker speculation (no doubt incentivized by the last 100 bailouts) and it only made the market more fearful and is accelerating the crash. What a crime.
It's an unmitigated disaster for people who have no idea what's about to level them flat. As if most aren't aleady starting below level.
Latest numbers:
132M taxpayers left.
36M of them are unemployed.
20M of them work for the goverment as a taxpayer liability, and growing.
Each taxpayer now owes $1.8M in national debt and unfunded mandates, plus an avg of $63K in personal debt (that includes kids and infants in the divisor).
On the good side, gas prices might fall a few more pennys until we hit almost all taxes. Lets all savor the crumb.
Oooh, 30 cents such gouning. In my area, defined as a 20 mile radius from either my home or my office (you pick), the premium for premium is normally 60-90 cents per gallon compared to price charged for 87 octane. At those stations with a smaller premium the base price for regular tends to be higher so it roughly evens out.
I particularly like the 2nd chart. Let's guess what it is, as it isn't labeled - not average age, or average speed of drivers... Average IQ? Not body mass index. Average days supply of toilet paper? A map of random numbers? No... average number of M&Ms in that jar on the counter?
Wisconsin gas taxes are below the median. But geographically it makes sense that their prices are the lowest. Regional surplus coupled with low population density and local price wars. It is not difficult to develop the recipe from the ingredients.
87 or 93, doesn’t matter if the knuckleheads put in the diesel tank at the local Valero. Net result = 14k for an entire new fuel system. Luckily they owned their mistake
