Oil prices are plummeting because of the coming recession and subsequent reduction in demand
Its over
Oil prices are plummeting because of the coming recession and subsequent reduction in demand
Trump says he’s gonna lower oil and make petrol cheap again
AHHHHH ITS OVER OIL IS DOWN
cope
im not the one coping here bud
RIP Venezuela
lower price = lower consumption
That is not how it works, its thr oposite, price goes down, consumption goes up
Wrong, prices go down because demand reduces
The supply hasnt changed
Nice, gonna do a lot of summer driving this year baby
Neat. Hopefully the housing bubble bursts while we're at it
Nice i love this. More driving yeee
don't care
and thats bad how
what do you drive bro
i just drive my shitty pickup
One of the few things to come out of this retarded administration.
You wish
The price is reducing because demand is, implying that the world economy is in a recession
I have a 2007 volkswagen touran. Not fast by any means but it can reach highway speed and allows me to go to different mountains to hike and climb. I always go for 1 day, wake up early drive there drive back. it's like 4x cheaper than staying the night.
demand/supply increases -> prices go up
demand/supply decreases -> prices go up
There has been no sudden change in supply
gas is cheaper than ive seen it for at least 3 years
yeah...the demand is cratering
something might genuinely be happening, the world is entering a recession
oil is so cheap no one can afford it
less oil is made
less gas is made
no jobs
Cheap ULP finally. I’m going on a road trip baby!!
oil is so cheap no one can afford it
Some more english lessons perhaps, Zhang. I’m sure the Chinese consulate will pay.
Uh huh
what the fuck is going on here?
Then why has gas increased by 30 cents in the last week?
weird
you might be getting scammed
too bad in some ways. was thinking of getting a job this year.
yeah i graduate uni this year...yikes
Good luck Ranjeet
i graduated in '08 last time this happened. It was... not good.
You have to choose now if you want to be happy or rich.
This is a picture I find myself posting daily.
American producers need cheap oil to justify the "drill baby drill" mandate. If oil price drops US producers will hurt the most, but I guess gasoline will be cheaper for a couple of months.
Well that's new, wonder where it all goes
Im White kek...but my classes on the other hands
My god man what happened to this country
I honestly just wanna be happy, im probably not gonna make it bros...
The Saudis fucking both the US and Russia, for a profit.
russia is LE OPEC reee
Not while their rafineries are sieged constantly.
-Who wins?
China
The EU
Everyone else.
The fuck are you on about?
US as foreign policy has always been about cheap oil. It's the communist petrostates that want high oil prices.
Were you even alive during the early 2000s?
American producers need cheap oil to justify the "drill baby drill" mandate.
Fracking is more expensive, not cheaper.
Sharts need oil to be expensive.
The state of the world in early 2000s was very different compared to today. Right now US producers spend a lot of money to extract frack-able oil and they need expensive oil to justify that investment. Petrostates will get fucked up with low oil prices as well but if push comes to shove they can produce oil much cheaper.
yeah sry i mean they need *expensive oil
The US extracts at a higher price the Saudis and Russians which means we lose lmao
GAS JUST WENT DOWN 40c A LITRE OH MY GOD I'M GOING TO KILL MYSELF AAAAAAAAAAAAAAAAAAAAAAAA
Lol, projected traffic volume for the port of Long Beach and Los Angeles is already down over 40%. And those are just week by week calls. These are COVID-19 level supply chain disruptions. Mutts aren't going to know what hit them. Though, these might just be to importers looking for new vendors and markets. Still, that will take time witch inspections, bona fide checks, contracts.
Reminds of when the US told Japan to an hero Pearl Harbor after cucking them out of oil in doubuya doubuya two.
jesus christ, source?
OPEC has increased production though.
yeah i didnt think they were doing that
weird times
you'll be alright mate. relax.
remember when it went down to around$0.70/L in early 2020? that was hard.
Trump will inadvertently cause Russia's collapse.
fully support that. Cheaper energy is always good.
Contact your shore broker. I called about container space and it's dirt cheap right now. They told me it has to do with a deluge of cancelled contracts. And I say 40% because the park and hold prices for containers has dropped to the same price as when Covid-19 hit. Might be a lower. This is for the long term negotiated storage. Not for dwell lots and blocks. These are spot pricing, and is very volatile. It could change by the end of business day. But I don't see any positive outlook.
It won't help, but honestly, none of us really had a chance
We were never given any opportunities
I graduated highschool and 9/11 happened three months later
Oh, and the dot-com bubble burst
cheap energy and groceries
this is the end
omg aren’t you panicking???
No.
You lost troon.
first time we're getting a global recession and not only do yields not go down but they go up for some reason
lol tough luck kiddo