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The price of gasoline - plus other general economic impacts - as it pertains to the upcoming election

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Bamaro said:
Oil is plunging, $11.40, -38% 😲
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We are reaching our capacity to store the stuff around the world right now. No matter how cheap it is, if it isn't being used, we need to stop pumping it out of the ground.
 
The whole world saw this coming 6 weeks ago. We have limited storage capacity around the world, and no matter how cheap the oil gets, at some point you have no place to put it. But the idiots in charge of this industry are so greedy that they couldn't tap the brakes on production to avoid the problem. Now I hope that they all go out of business, and anyone in the government who offers them a bailout needs to be publicly castrated.
 
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B1GTide said:
The whole world saw this coming 6 weeks ago. We have limited storage capacity around the world, and no matter how cheap the oil gets, at some point you have no place to put it. But the idiots in charge of this industry are so greedy that they couldn't tap the brakes on production to avoid the problem. Now I hope that they all go out of business, and anyone in the government who offers them a bailout needs to be publicly castrated.
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they will find some magic stash of ppp loans
 
B1GTide said:
The whole world saw this coming 6 weeks ago. We have limited storage capacity around the world, and no matter how cheap the oil gets, at some point you have no place to put it. But the idiots in charge of this industry are so greedy that they couldn't tap the brakes on production to avoid the problem. Now I hope that they all go out of business, and anyone in the government who offers them a bailout needs to be publicly castrated.
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Shutting in supply is an enormously expensive process, both to carry out and then to reverse. This thread started out as a semi-joke, but this is horrible news for the economy and its future. We all should be being careful what we wish for...
 
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TIDE-HSV said:
Shutting in supply is an enormously expensive process, both to carry out and then to reverse. This thread started out as a semi-joke, but this is horrible news for the economy and its future. We all should be being careful what we wish for...
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They would not have to talk about shutting off wells entirely if they had all started reducing production within a few weeks.

These companies that have been making trillions of dollars every year for decades while destroying the global ecosystem. These truly are the worst companies in the world. The oil and coal industries will kill billions of people before the tally has been completed.
 
B1GTide said:
They would not have to talk about shutting off wells entirely if they had all started reducing production within a few weeks.

These companies that have been making trillions of dollars every year for decades while destroying the global ecosystem. These truly are the worst companies in the world. The oil and coal industries will kill billions of people before the tally has been completed.
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heads they win, tails you lose
 
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crimsonaudio said:
American oil crashes below $0 a barrel -- a record low

This is really bad news. I mean, WINNING!
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I think what that means is there is no oil storage in Cushing, Oklahoma. WTI price is defined as price to deliver West Texas Intermediate to Cushing, Oklahoma. OTOH, Brent crude has been running steady in the high 20s for a week or so. It's bad, but not world ending bad (yet).

ETA - some of these energy pricing mechanisms are pretty wonky. There was an October day a couple of years ago where the weather was pleasant throughout the state and the spot price for electricity went negative for several hours.
 
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