Steve Craw
Formerly Lefty Elmo
- Joined
- Sep 9, 2004
- Messages
- 5,302
Still $2.15 a gallon in upstate NY.:bigal
Crude oil prices went in negative value few days back. How is that even possible. LOL
Crude oil prices went in negative value few days back. How is that even possible. LOL
There is such a glut of oil right now there is no storage left to store the oil for May futures, so oil future investors apparently think it is cheaper to pay someone to take a barrel of oil than it is to deal with finding a place to store it.
Yeah, that makes sense.There is such a glut of oil right now there is no storage left to store the oil for May futures, so oil future investors apparently think it is cheaper to pay someone to take a barrel of oil than it is to deal with finding a place to store it.
The oil is cheap, it's just pumped out of the ground. Refining it into gasoline, additives, transporting it, storing it, retailer profit, and (especially) government taxes is where all the money is.
It's cheap now, but in order to use tar sands or fracking the stuff has to sell at minimum $35-$50 a barrel to make it worth digging up. Yeah, it is cheap out of the well, black gold and all.
Speaking of Oil & Cheap Gas this would be a sweet time to road trip a 10mpg guzzling hot rod. I once met an oil tycoon when I worked at a gas station in Walnut Creek Ca. He parked some crazy rare foreign luxury car from the depression era in our station as he told me it had never seen a drop of rain. On that 1/100 day it was raining so when he asked me I said pull it in. I've never seen an unrestored car that old, that clean. I wish I could remember what it was. The older fella who owned it had a Texas accent so thick it took me a few seconds to decipher every word out of his mouth.