Oil plunging to unprecedented lows with more output cuts on the way
- Thread starter mentalfloss
- Start date
Texas Oil Quotas ‘Dead,’ Says Regulator Who Touted Them
https://ca.finance.yahoo.com/news/texas-quotas-oil-output-dead-153540951.html
There is no longer any point to imposing production cuts as the market has already cut production to a far greater degree than was even being proposed.
"Fracking activity in U.S. fields has slumped 82% in the past seven weeks, while oil drilling is down 52%, according to data compiled by Bloomberg."
It has taken a mere 7 weeks for the oil industry to collapse.
https://ca.finance.yahoo.com/news/texas-quotas-oil-output-dead-153540951.html
There is no longer any point to imposing production cuts as the market has already cut production to a far greater degree than was even being proposed.
"Fracking activity in U.S. fields has slumped 82% in the past seven weeks, while oil drilling is down 52%, according to data compiled by Bloomberg."
It has taken a mere 7 weeks for the oil industry to collapse.
WELL GOSH hemerHOID! it has taken 7 weeks for OUR ECONOMY to collapse as well!
So what is your point?
Oil is dead . For now , but wait for a resurgence once the lockdown is over .Expect more people choosing to avoid public transit and drive to work instead . More will be taking driving holidays to avoid air travel . Yes the great North American love of the automobile will continue.
August 2015. You should have seen the jubilation when a tanker from Newfoundland pulled into Barnet Inlet dropping the record high gas prices in Vancouver by a dime.
They say imitation is the highest form of flattery so i guess you just flattered me pgs!
I mentioned a couple weeks back that people might PREFER cars over public transit due to the greater possibility
of being exposed to a Wuhan sufferer on public transit!
Personal vehicles be SAFER in times of Pandemic!
Prices go up when you stop developing something.
Maybe one day they'll go up enough to be profitable!
Prices also go up as demand rises, kinda like when multiple major national economies start up.
No doubt that the usual suspects will be whinney-ing and moaning about pollution some time in the next 7 weeks... I can almost taste their tears now
