Oil prices dip below zero!

I did hear some small oil producers were having to pay storage companies to take oil and ownership of that oil. West Texas oil had dropped to $15/barrel and their was little capacity left to store new oil. The drillers need to keep the rigs going as it would cost them money to close them down and re open. Consumption has nearly dried up, extreme times.
 
It's not long before major decisions need to be made as worldwide storage is close to maximum.
 
Funky_Chicken said:
Great news for the planet though
Click to expand...
Not really. Whether you're an eco-warrior or a petrol guzzler this is not good news.

Our way of life is completely dependent on oil. Take plastics for example. Unless my memory serves me ill, most plastics are produced using oil based feed products produced during the refining process. Petrol is often a by product (or vice versa). But we should have a few experts on here who can confirm.

There's already a world wide shortage of polypropylene for filters. I ordered HEPA filters two months ago (based on spun polypropylene - same stuff they use to make medical masks) and was told I'd have to wait till June because of a shortage of polypropylene. Normally they arrive in a week.

And surely there are still thousands of jobs on Teesside that rely on oil and refinery products. The double whammy of an oil price crash and Covid-19 will decimate industry and create mass unemployment (if it wasn't already happening).

And then there's the small matter of all those Middle Eastern countries, Venezuela and Russia that rely on oil as a primary source of income. How is Iran or Russia going to react to their people starving? Venezuelans were already short on food and medical supplies.

Low oil prices for an extended period will create turmoil in geo-politics, and could result in war.
 
br14 said:
Not really. Whether you're an eco-warrior or a petrol guzzler this is not good news.

Our way of life is completely dependent on oil. Take plastics for example. Unless my memory serves me ill, most plastics are produced using oil based feed products produced during the refining process. Petrol is often a by product (or vice versa). But we should have a few experts on here who can confirm.

There's already a world wide shortage of polypropylene for filters. I ordered HEPA filters two months ago (based on spun polypropylene - same stuff they use to make medical masks) and was told I'd have to wait till June because of a shortage of polypropylene. Normally they arrive in a week.

And surely there are still thousands of jobs on Teesside that rely on oil and refinery products. The double whammy of an oil price crash and Covid-19 will decimate industry and create mass unemployment (if it wasn't already happening).

And then there's the small matter of all those Middle Eastern countries, Venezuela and Russia that rely on oil as a primary source of income. How is Iran or Russia going to react to their people starving? Venezuelans were already short on food and medical supplies.

Low oil prices for an extended period will create turmoil in geo-politics, and could result in war.
Click to expand...

He doent mean people. He means the actual planet itself, you know, the one that humans are destroying.
What happens when oil runs out? Does your scenario play out anyway?

If your scenario did happen then atleast Russia and Iran wouldn't have us over a barrel. Pun intended.
 
I would have thought cheap energy is generally good for Chemicals on Teesside, unless you are supplying the oil exploration and production industry which will suffer. When the lock down comes off, demand will significantly increase. In the long run oil demand is reducing as transport switches to electric and a lot of oil heating is now gas.
 
We have the technology and skills to save our planet.
In times like this the danger comes from those protecting their empires.
The political demographic map has already changed irretrievably.(y)
 
bought a gallon for $1.60 some places in KY .99 cents. Gotta love the virus if you drive a lot.
 
Things will change, your offices and shops, cars, routines wont be the same, we will have to find something to do for more than a third of the working people. Not as many people in the offices when they return due to social distancing, lots of service industry and advertising jobs gone completely.
Bars and pubs gone completely, the whole econonmy will change, perhaps even the USAs grip on things will be gone and a more equitable planet, thats safer and greener will emerge.

More recycling and re using of materials and less travel, if at all, from your own patch, humans have been polluting and ruining things and treating each other as slaves or worthless for too long.

If things arent shared they will be taken off them anyway.

Things will change.
 
Last edited:
You must log in or register to reply here.
Back
Top