I have spent 26 years in Management in the International Oil and Gas Industry. The prices in the industry are the result confluence of supply and demand both of which are effected by international geopolitics. Prices were high enough to allow extra production of marginal companies that extracted from oil sands and shale. When the OPEC producers and the Russians could not agree to coordinate (fix) prices anymore, and it just so happened the timing of the pandemic was the same, not only did the demand drop off, the marginal producers are being forced out. So when crude is being produced for under $20 per barrel prices can get really cheap until demand returns. By that time there will so much in storage it will be awhile before the marginal producers are seen again. This scenario continues to happen. We just not have had the pandemic previously.
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bad for alt power
bad for alt power
no new comment
no new comment
Oil prices are the effect of
Oil prices are the effect of the economy. No demand cause prices to drop.
This is temporary.
This is temporary.
I have spent 26 years in
I have spent 26 years in Management in the International Oil and Gas Industry. The prices in the industry are the result confluence of supply and demand both of which are effected by international geopolitics. Prices were high enough to allow extra production of marginal companies that extracted from oil sands and shale. When the OPEC producers and the Russians could not agree to coordinate (fix) prices anymore, and it just so happened the timing of the pandemic was the same, not only did the demand drop off, the marginal producers are being forced out. So when crude is being produced for under $20 per barrel prices can get really cheap until demand returns. By that time there will so much in storage it will be awhile before the marginal producers are seen again. This scenario continues to happen. We just not have had the pandemic previously.
High prices will be back.
High prices will be back. Consumers have relinquished their control over everything.
I hope crude oil goes down to
I hope crude oil goes down to $10.00 per barrel, permanently.
0.10 cents per gallon.