Oil Depression

>Explain this shit now!
Massive demand destruction due to chink flu means the output cuts aren't near enough and world oil storage is almost full.
>cutting production makes prices tank
imbecile

>Heading to Canada in late summer to spend my double dollar difference ca$h and be as rude of a tourist as humanly possible.

They will kill you for a single can of luxury soup.

>cheap gas is bad goy! You need to be paying more to drive around town!! If you don't pay more for gas you will suffer!!

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how do people become this ignorant of basic economics? The production is cut because there's literally no one buying the oil, which is why prices are so low. cutting production doesn't lower the price and only an idiot would think that.

People aren't buying as much gas because they are at home all day.

If your demand is zero, any supply above zero is surplus. It doesn't matter if you cut 10% or 90%.

Fuel tanks and ships are full. There is nowhere for new oil to go. Traders are basically handing over their future contracts for nothing to avoid the penalties for not taking the oil when the delivery date arrives.

>less production does not mean less supply
you can't make this up
>it's not worth a damn when people start using things other than petroleum products
that is called demand, which is the opposite of supply. i knew people don't know economics but damn

Thanks hue it pains me to see anons who can't even figure that much out.

This.

I don't mind cheap gas but this is bad for industry. I've read America needs at least 4 times this price to break even.
So I should go do donuts in WalShart parking lot to stimulate economy?

Storage is full.

Nigger lipps is mad cause gas is dirt cheap...okay Jew Fag

It's amazing how utterly ignorant people can be of basic principle of economics. Anyone who was similarly confused about, say, the laws of gravity, would probably be dead in less than a week. But somehow with economics it's possible to see literally everything backwards and live a long life as a bureaucrat or college professor.

oil prices and production are down due to coronoa chan assfucking demand. the saudis have also been trying to push prices down low enough to render us shale production unviable, banking that they will be able to raise prices again once us shale drillers are out of business and will be able to profit in the lag time before shale can rebound. do not expect oil prices to return to normal until oil demand does, which will not happen until corona leaves

canada dollar .71 to US
experts predict .50% by fall.

this best news since virus

My cans are full too. I bought the dip. Months ago. Go ahead, laugh.
Just asking questions, user. You know, playing Double's advocate? And oh yeah, czhech em

naw. It started as both Russia and Saudis were cranking up drilling to fuck each other.

I understand that people don't know shit, but "less production does not mean less supply" is beyond the stupidity levels I can understand
>I've read America needs at least 4 times this price to break even.
Then america should stop producing shale, it was never profitable to begin with

Don't feel bad for them at all. Couldn't have happened to a more deserving group of cucks.

No one is driving or flying.

is this a 42% decrease in a day, a month, or what?

today, last 6 months it's -80%

It's down 51% now!
Demand didn't go down that much over the weekend
Today

LOL

I am heading to Canada soon to insert my engourged american stimulus into thier empty gaping economy.

>$10 oil
Thank You President PUTIN

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Forget the Saudi and Russia price war, COVID-19 has sharply lowered demand while our oil storage is close to full.

>"less production does not mean less supply" is beyond the stupidity levels I can understand
When it comes to economics, people's normal intuitions go haywire and they come to believe things that are not just false but the opposite of the truth. They can literally convince themselves they paying someone to dig and refill a hole over and over is wise and productive policy.

both move the graph. plus warmer than average weather. you need both supply and demand to make a chart.

Inflation adjusted OIL is in all time low.

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Oil is $8.93 now. Complete madness.

>Cold Fusion generators confirmed.
>Oil selloff indicates someone knows something is coming.
>Price of palladium up ~300% over past two years.
>e-catworld cold fusion patents require palladium.
>electric universe / plasma cosmology universe confirmed
>SAFIRE project generators confirmed
where were you when the cost of energy dropped so low that life started to become easier, user?

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Just went down to $8.85 in the lest few seconds and keeps going down.

>I hate $1.50/g gas. Bring back obamas $5/g NOW!!!!
Fuck off retard

why do you have the cheapest price in this thread?

Where can you get the data? I know I could do it myself but yeah

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Stopping production because of full storage is the definition of oversupply...

Oilprice.com is down