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Justan Ohlphart[_3_]

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On Sat, 21 Mar 2020 19:57:03 -0400, Keyser Soze wrote:On 3/21/20 6:17 PM, wrote: ,,,if production exceeds consumption. As we discussed once before, all oil pumped out of the ground has to go somewhere, and there is only a finite amount of storage availabie. I guess if push comes to shove I'd volunteer to take a thousand gallons or so off of their hands. And 'Airry could probably store at least that much in his imaginary boats. ----------------------------------------------- From: https://oilprice.com/Energy/Energy-General/What-Happens-If-Oil-Prices-Go-Negative.html Various reports hit the news feeds today quoting a deliberately headline-grabbing statement by Paul Sankey, managing director at Mizuho Securities, in which he is reported as saying, +IBw-Oil prices can go negative.+IB0 That is, they could as a combination of Saudi Arabia (and Russia) flooding the market with increased oil and the market running headlong into COVID-19-induced curtailment of activity that is suppressing consumption, which combined will create the perfect storm of excess supply. In reality, inventory levels are already rising. CNN quotes Sankey, who said global oil demand is only around 100 million barrels per day. However, the economic fallout from the coronavirus pandemic could crash demand by up to 20 percent. This would create a 20 million barrel-per-day surplus of oil in the market that would rapidly exceed storage capacity, forcing oil producers to pay customers to buy the commodity +IBM hence, in effect, negative oil prices. Let's all shed a tear for those consumer-oriented corporations...oil, airlines, cruise lines. I feel for the suffering of their employees, but I wouldn't be heartbroken if a bunch of airlines went belly up and were replaced by a few new airlines that decided being consumer-oriented and giving their paying passengers a nickel bag of peanuts when they boarded.Most of the big cruise lines treat their workers like ****, and the oil industry an environmental abomination.If people didn't think they should be able to fly across the countryfor $99 the airlines might treat them better. If you pay cargo rate,you are just cargo. This is just the extension of the Walmartphenomenon. People will put up with anything to save a buck. If youdon't like it, pony up the money to fly up front, they treat you nicerand all the peanuts you can eat. (on a snack tray with fresh fruit,candy and all sorts of stuff)

Airlines are big pietre dishes and for that reason, I'm out. :-)
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