Oil for less than a buck a barrel?

[turbohunter]

I may be writing this to soon in the day but geesh, never seen that before.
Let’s see, 12 mpg with an FE? I’m good! 

[Drew Pojedinec]

The reason for the plunge is due to investors selling the oil since there is no where to store it.

If you hold a large amount right now there is no where to put it on land.....
The marine industry is about to get busy loading tankers to hold offshore.
This *might* seem like a good idea to invest, but many of these tankers cost $150k a day.... totally possible they’ll end up losing money on the oil when the storage cost outweights the oils value.... and who are you going to sell it to?

[BattlestarGalactic]

Kinda like the farmers dumping their milk because no one is buying enough?   I haven't stop buying milk.   I suppose with all the restaurants closing, there must be a real lull in milk sales?

Wouldn't mind buying myself a big ol tanker trailer of some 93 octane real cheap and storing it in the driveway!!  I've been more apt to hop in the old blue truck and drive it since 8-10 mpg doesn't hurt as bad when fuel is near a $1/gallon!!!  I haven't been able to fill the tank for under $20 in decades.    

It wasn't long ago that I couldn't fill the twin tanks in my '95 F150 without having to reswipe my CC because it cut off at $75.  Yikes!

[cjshaker]

Wouldn't mind buying myself a big ol tanker trailer of some 93 octane real cheap and storing it in the driveway!!  decades.    

Only problem with that is that gas doesn't store well with the ethanol in it. I've found (just my experience) that in a good container that can be sealed, it is still good for about a year or maybe more. Certainly not the 5-10 years that it used to be good for. I have a feeling though, that you wouldn't have any problem using that fuel up in a years time...lol

[My427stang]

I think it's time to buy some oil futures   Hard to believe it will go lower when its at zero

[machoneman]

This really bad news btw. It signals a world-wide recession, as if any doubters of the same still exist. Hoo-boy we're in for a bad ride now as if the Corona virus alone wasn't bad enough.

[Drew Pojedinec]

I think it's time to buy some oil futures   Hard to believe it will go lower when its at zero

It will when you pay storage fees with no where to sell it and the producers are still producing.

Well, good luck.

[Dumpling]

Think the US ethanol program might be scaled back, or eliminated?

[preaction]

Finished at -23.00 a barrel.

[turbohunter]

Hmm mine says it settled out at -35.63 a barrel. I must have other sources than pre-. Lowest ever.
The bigs will get bigger and the little guys are in for a tough slog.
Of course here in Clownyfornia we have about a dollars worth of taxes on every gallon. Be interesting to see where it goes.
I remember as a kid collecting nickels and quarters to by gas.

[cjshaker]

I remember as a kid collecting nickels and quarters to by gas.

I would turn in pop bottles for 10 cents each, when they were still made of glass. Of course I could cruise all night on $2.50 worth of gas back then!

[mike7570]

$.10? I remember it being $.03. I could take my small motorcycle to the gas station in high school and it wouldn't hold $.50 worth.

[FElony]

I think it's time to buy some oil futures   Hard to believe it will go lower when its at zero

https://www.zerohedge.com/energy/oil-producers-will-pay-you-54barrel-take-south-texas-sour-their-hands

[57 lima bean]

    Can you imagine what some Governors will do to State gas taxes with this? 

[MeanGene]

Always amazes me that there are several ports and refineries within a half-hour drive, but we have some of the highest fuel prices in the nation. Oh yeah, the Taxifornia gas taxes- and the special formulations. And we have to pay for Aunt Nancy's vineyard estate- and her fancy ice cream lol