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Oil price crashes 30% as markets open

new and final 1991 for "a gas station masquerading as a country"?

  • yes it end of "a gas station masquerading as a country"

    Votes: 5 83.3%

  • no, its not

    Votes: 1 16.7%
  • Total voters
    6
  • Poll closed .
jmotivator said:
Not really. While the US is a net exporter the rest of the economy benefits from low oil prices. While this hurts the profitability of US oil companies it benefits every other corner of the economy.
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It's a mixed bag. When oil prices are low, oil producers cut their exploration and development budgets. This leads to job loss with the producers but also has a domino effect on related manufacturing and services. Job loss in those sectors impact the entire economy.
 
Litwin said:
Great news guys from our evil foe !!

"3/9/20
Leading Russian firms saw their share prices collapse Monday, as the fallout from Moscow rejecting an oil production pact with Saudi Arabia rocks global financial markets. Among the biggest losers were state-backed lenders Sberbank and VTB, which both plunged by more than 20% when European markets opened. Oil major Rosneft, also state-owned, recorded a 20% drop — equivalent to a $15 billion fall in value — while Gazprom shares crashed by almost 25% initially, before recovering slightly to stand 15% down. Markets in Russia are closed Monday for a public holiday, but shares in a number of Russian companies are also traded on the London Stock Exchange — giving an idea of the impact the market chaos is already inflicting on the Russian corporate world. Rosneft had been a vocal opponent of further oil production cuts proposed by Saudi Arabia, which Riyadh sought in order to increase prices. The company, headed up by Igor Sechin, a close ally of President Vladimir Putin, publicly backed Russia’s rejection of a new deal, instead saying a period of lower prices would hurt Rosneft’s rivals in the U.S. shale industry. Saudi Arabia responded to Russia’s rejection by pledging to flood the market with excess supply and cut prices for key customers, provoking an “oil price war”, and sending prices for benchmark Brent crude tumbling by more than 30% to $33 a barrel. As a knock-on effect, the Russian ruble also lost 8%, falling to a four-year low against the U.S. dollar.

Financial markets around the world have been rocked by the turmoil, worsened by a sharpening outlook for the negative economic consequences of the coronavirus as Italy placed its northern regions on lockdown, effectively quarantining a quarter of its population. Berenberg, a German investment bank, forecast Monday that the fallout would push Europe into recession this year. “Equity markets are hideous today and these kind of moves are to be afraid of as they can lead to aggressive tightening in credit that can spiral into real financial distress,” said Neil Wilson of Markets.com. “We don’t know even know what kind of impact the coronavirus will have on the economy yet bond and equity markets are screaming recession.” "
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It kills my oil royalties but, oh well...
 
Moonglow said:
I am sure that Oprah will still be on...No matter what...
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Not if the lights are off. You people are going to be the ones who suffer the most in and SHTF scenarion. Be careful what you wish for.
 
Litwin said:
LOL))

ps
Shares plunge in worst day since financial crisis - BBC News
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It's all

CLINTON/OBAMA's

FAULT
​

[The above officially approved and endorsed by "Devoted Online Lovers of Trump" Inc. (a non-partisan, independent, research and analysis organization exempt from federal taxation that is dedicated to bringing you the true truth and not the false truth that anyone who doesn't believe 100% of what Donald Trump says tries to tell you the so-called "facts" are), "Pro-Life United Gun Enthusiasts and Manufacturers for Jesus", and “"The ‘First Amendment Rights Trust’ Foundation”.]
 
The Stock Market will start going back up in a week or 2 even if the Oil Trade war isnt ended. (I think)
 
The lower oil get the better FOR me as far as I am concered. I am a consumer not a oil tycoon. The lower oil is the more transport business thrives. And a secondary rollover of the populus having less driving 2 entertainment, and driving 2 sustain costs.

The stock market isnt entirely dependant on oil prices so it should reach a balance in 2 weeks.
 
Interesting
In 2016, the U.S. exported crude oil to nearly 30 countries. In 2017, monthly exports have exceeded one million barrels per day (BPD) on multiple occasions. But the U.S. still imports about eight million BPD of crude oil. As a result, I am often asked why we are exporting oil at all.

It comes down to the quality of the oil that is being produced, versus the kind of oil U.S. refineries are built to process.

Over the years, U.S. crude oil has gotten progressively heavier and sourer (meaning it contains larger hydrocarbon molecules as well as more sulfur.) Globally, heavy crude production increased in places like Canada, Venezuela and Nigeria. A wide price differential developed between heavy, sour crudes and light sweet crudes like WTI and Brent. Because crudes that are heavy and/or sour can produce about the same amount of finished products as lighter, sweeter crudes, refiners had a strong financial incentive to process the discounted crudes.

So U.S. refiners spent billions of dollars installing fluid catalytic crackers (FCCs), cokers, and hydrotreaters that are needed to process heavy sour crudes. After investing all of that money into processing the heavy crudes, the economics of running Bakken or Eagle Ford crudes in a heavy oil refinery are far less appealing than running a heavy Canadian or Venezuelan crude.

Heavy oil refiners would rather simply continue to import oil more suited to their needs, while the light, sweet crudes coming out of the U.S. shale plays are often a better fit for certain foreign refineries. Or, logistically it may simply be easier for Canada, for instance, to import U.S. crude for their East Coast refineries, while they export their heavy oil from Alberta to U.S. refineries that are equipped to process it.
 
Moonglow said:
Please remain seated as this hoax has yet to stop rolling.
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And for the love of god, keep your arms and legs inside until we come to a complete faux stop.
 
I wonder how this hit Iran's economy?
 
longview said:
I wonder how this hit Iran's economy?
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not much, Iran´s elites are much smarter than cooperative ozero Ozero - Wikipedia

Screen-Shot-2016-05-01-at-12.59.07-PM-1200x630-cropped.png
 
ClaraD said:
Oil crashing is also not good news for the US...Trump bet the house and the business on oil markets
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While low gas prices are good for consumers, it is a prediction of recession. This is what prices looked like a decade ago, with the recession.

fredgraph.png
 
longview said:
They still have to sell their product! if the price is down, so are the profits.
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not much, Iran is under heavy USA sanctions, question is why D Trump did not introduce Iranian type sanctions on aggressive Muscovy ?
 
dirtpoorchris said:
The Stock Market will start going back up in a week or 2 even if the Oil Trade war isnt ended. (I think)
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And that "fantastic recovery" will all be due to the divinely inspired financial genius of Mr. Trump who successfully defeated the coup plotted against him by OBAMA/CLINTON and their deep, dark, secret, hidden, covert, conspiracy.

[The above officially approved and endorsed by "Devoted Online Lovers of Trump" Inc. (a non-partisan, independent, research and analysis organization exempt from federal taxation that is dedicated to bringing you the true truth and not the false truth that anyone who doesn't believe 100% of what Donald Trump says tries to tell you the so-called "facts" are), "Pro-Life United Gun Enthusiasts and Manufacturers for Jesus", and “"The ‘First Amendment
 
MTAtech said:
While low gas prices are good for consumers, it is a prediction of recession. This is what prices looked like a decade ago, with the recession.

fredgraph.png
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They stopped trading briefly because before it even opened petroleum prices fell $20
 
jmotivator said:
More STOCK MARKET = ECONOMY nonsense. The "Might" in the headline should have been a clue that nonsense was to follow.

The markets are down because countries are shuttering businesses and manufacturing facilities due to the COVID-19 scare. When the scare has past the markets will return. Buy now.
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Bawhaha that's not what you Trumpers were arguing 2 months ago
 
ClaraD said:
Bawhaha that's not what you Trumpers were arguing 2 months ago
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Find where I ever argued that stock markets = economy? Go find it.

This crash is about an over reaction to COVID-19.

So, on that same line of thought... what will you say when the markets rebound when the scare is over?

(Hint: coronavirus spreads in cold weather and retreats in warm weather. No matter what is done it will be subsiding by summer)
 
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Moonglow said:
$1.90 9/10 a gallon at Neosho, Missouri..
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you know whats funny Muscovites pay more and more , even when Oil hoes down , one for sure Muscovy is very ineffective gas station ... McCain: 'Russia is a gas station masquerading as a country'
 
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