Just buy oil bro

ya, just like negative interest rate bonds

the funny this is oil has lost 20% since that picture was taken

>oil will never, ever recover

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something that has utility value doesn't go to zero fuck nut

Literally what happened to whale oil

I get my news from cnn

>for oil to fall below zero theyd have to give it away for free
no, they'd just destroy it.

oh no, not those poor sweet russians and sand niggerinos nooooooooooooooooo

Haha. Why not just leave it in the ground?

How can oil price go below zero if oil isn't real?
Like close yo oil well nigga.

If the cost of extraction is higher than the revenue from selling the oil, then yes, wells would shut down. That is already happening with shale.

plus theyll keep the well open if the cost of closing and reopening is higher than just waiting it out

oil falling below zero means that they have to give it away for free, AND if they don't it will cost them money to destroy it, AND the amount that they could pay a buyer to take it away is less than the price of destroying it. unlikely, but possible

where did you get this info?

To be honest I don't think Saudi Arabia could go that low, oil is still a yuuuge part of their revenue
pricing out competitors is great but not worth collapsing your own economy

Why not pump it out and directly back into another hole in the ground?

>collapsing your own economy
That's the new hotness this year.

Corona virus is fake news

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Git replaced by electricity and other sources of oil. It wasn't "oh shit lol no need for this anymore" but rather "oh shit that nigga made the shit in the sky on a cloudy day light up his house get me in on this shit bruh"

>below zero
what?

Checked

But why corona in the only non corona thread on Yas Forums?

It means the asset is more costly to hold onto than to just get rid of. Oil has to be stored, shipped, checked for quality, have additives put into it, etc. That all costs money, but if the value of oil drops too low, it would be more expensive to produce and store oil than it would be to just not do it at all.

Stupid headline. Oil isn't going anywhere. This is a concerted effort by the Russians and Saudis to attack America at it's weakest, but it's literally a double edged sword and they're only hoping we break first.

>oil goes up
>gas prices skyrocket
>oil plummets
>gas prices barely move
Why are kikes like this?

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>This is a concerted effort by the Russians
are you retarded?
our economy is shitting the bed rn cause only thing we produce is oil and gas

Literally the rest of the sentence:
>but it's literally a double edged sword and they're only hoping we break first.

>below zero
What...

Who do you think killed all the oil. Hello?

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Because they know your bitch ass needs it to get to work so they gouge you at the consumer level.

Nobody is hoping for shit, saudis just dump and laugh at everyone, Russia is getting spitroasted by usd from one side and by oil price from the other.

Did you nasty-ass girlfriend absorb it into her gross, shiny-ass skin?

Oil isn't stored in barrels.

Crude was literally in the group for millions of years bro. Some refined fuel has a shelf life... Of years. Most is storable for decades. Crude can sit around forever.

Russia and USA should unironically team up and nuke Saudi Arabia.

As near as I can figure, from the wizard scientists itt, less than zero is retarded main stream media speak for below cost.

No surprise that liberal journalism trannies have absolutely no business vocabulary desu.

Close, but distribution of such scale is 10-15 years out. It's going to happen, just not today. This is manufactured. Heh, get it?

We should be allies against the Muslims. I have no idea why there's such superfluous divisions when it's eminently clear that we have more to lose fighting each other than uniting.

E-thots will save our economy

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This is actually true, JP Morgan Chase had a leak talking about how they are stopping all investment in Oil permanently.
youtu.be/_H2v7kTVPIE

Sensible kek, user. Breddy gud.

b-but i have a brown boihole living in SA who wants my d
e-thots bubble is over

oil barrels need to be stored, that costs money.
so theoretically companies could be in a situation where they are paying tons of money to store oil nobody wants. they will then have to pay someone to take it off their hands.
some genius here said they will just destroy it. how? blow it up? dump it in the ocean? that ain't happening. destroying it would also cost a lot of money

It’s dropped 50 cents where I live. I just filled up for $1.84. Feels goodman

Stupid kike, bait the public into believing muh global warming so oil can tank to insane lows then they buy it all up. Not me fuckers, ill be riding that wave with you jews, I see through your smoke and past your mirrors.

Gas just went below $1.60 where I live.
And this is while several major oil producing nations are effectively banned from exporting.
I expect sub-dollar gasoline for decades at this point.

The first world reducing oil consumption on a retail level isn't going to do shit to oil, manufacturing needs it, and the entire developing world is only going to increasingly depend on oil. Oil is not going anywhere.

Since fracking, the only thing that's kept us from $1 gasoline is the OPEC+ alliance turning the spigots way down. You're delusional.

Fracking is extremely costly, that alone makes your retarded theory bunk.

>and the entire developing world is only going to increasingly depend on oil.
The entire developing world is going to be flooded with cheap Chinese electric hatchbacks.
And electric semi trucks, and eventually electric "everything with wheels".

Everything is costly in the infancy of the industry.
This shit gets cheaper and cheaper and cheaper to do every single month. It was already cheap enough to be viable around $40 a barrel, and now they have the impetus to put more money into refining the process.

I remember when Wind farms were a boondoggle that couldn't really pay for themselves, now my State and the one above me are planting them like madmen, because it's practically the cheapest way to produce energy.

how are those gonna get powered? by magic? you do realise you have to charge those, right?

This is good news for bitcoin faggots though right? Fixes the double halvening (price and difficulty) by basically paying mining ops to produce them.

Yay pretend money!

I'm getting super black pilled and every new piece of bad news is making me giggle. This happening to anyone else?

This doesn't make the syrian oilduct bypass look like a sane proposition. I wonder if (((they))) have already given up on it. The project predates 2011, that civil war doesn't seem to have an end in sight, the ROI on that thing is probably already going way past the best case scenarios for peak oil. Putin is masterfully playing 4d chess, he can't end that conflict but he can clearly make it absolutely pointless in the short term. While taking arabs down a notch with the same fucking stone.

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I mean, do you EVER read technology journals or even industry rags like Bloomberg?
Or do you only accept info from credible sources like Laura Ingram?

Below zero (beloozero) is a place in Russia. You all got memed.

Fracking is absolutely never going to be able to compete with traditional drilling. Shale will end up like Oil Sands crude - way too costly to be profitable long-term. We've literally seen this shit happen before, all it takes is some turbulence and these barely profitable industries crumble to dust while big, traditional oil producers continue to survive.

And the world was cooling in the 70's, and we were close to running out of oil in the 90's, and cars would be fully self autonomous by 2022, etc. Oil has already suffered because of the massive brigade of green propaganda, it will continue to suffer this market crash, but it will rebound.

What? The saudis have literally upped production like hell to try and bankrupt american fracking and the russians.

Russia's permafrost is melting away. It's 27F in Siberia right now.

>What? The saudis have literally upped production like hell to try and bankrupt american fracking and the russians.
Yes, that's NOW. They had been turning down production for the entirety of 2019, while American gasoline prices were still dropping.

>The saudis have literally upped production like hell to try and bankrupt american fracking
Kinda ironic given that Trump has thousands of troops stationed to protect their oil fields right now.

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Be even more ironic if an accident were to happen.

That's why this whole thing is so insane. The Saudis are backstabbing their only real ally.

All-in on GUSH. Scared money don't make money. Stay poor, faggots!

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>$20

t. retard
First things first its -10C and its absolutely average temp for mid march here
Secondly its not melting at all cause the diamond mine alrosa lost to flood in 2018 is now frozen solid.
Please stop being a faggot.