The American oil industry is facing a doomsday scenario.
The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply.
That double black swan has caused oil prices to collapse to levels that make it impossible for US shale oil companies to make money. US crude for May delivery turned negative — something that has never happened since NYMEX oil futures began trading in 1983. It was easily the oil market's worst day on record.
#Oil #CNN #News
Hundreds of US oil companies could go bankrupt
And they will get a bailout before the people are assisted.
Always profit over people.
@uncle Ricky Ok. We all gotta eat. Sorry for the snap judgment. I just noticed you ask another person for sources with bias check, and thought it was hot air.
I once made a comment about the record number of lies Trump has told on camera, and some asshat chimes in “Oh yeah, name ONE”. I named a lot more than one. I’m afraid I may have overwhelmed the poor wretch, because he never replied back.
Man oh man…so many Russian trolls in the comment section.
William H Music 2020 Remember when Donald Trump said on February 27, that only 15 people in the United States had the coronavirus and they were getting better all the while knowing the coronavirus was spreading across the country like wild fire.
The bailout is to protect those rich people – the investors, not the employees
Stock market is crashing every day if this keeps up
Thyalwaysseek I’m not a guru, just lucky as hell. COVIDs artificially chosen winners and losers. 🤷♂️ I just happen to get lucky. I’m not even sure what the argument is.
@d wilson Trump will call it the Chinese Depression, the cult will believe it.
@Gazzle Spaz Nobody gets lucky as hell in a depression, you’re riding a dead cat bounce is all.
@Last Laugh The shut down has been far more costly and messy because Trump was involved. His inability to lead or understand science had made everything many times worse than it has to be. He’ll do the same with the recovery. Either you know that and are just as dishonest as Trump is or you’re one of the stupid ones, it doesn’t matter which.
@William H Music 2020 You are in a cult. Normally I wouldn’t mind but your cult is a cult of flat out liars, con artists, idiots and fools. This disease is perfect for you people.
Cry me a river.
👌🏿
You mean cry me a oil spill.
Lol
Great song
How does Trump like his Saudi buddies now? Flooding the market and trashing those oil tycoons in Texas…
Debbie Gerard When nobody is driving, yeah the price is going to drop, and it will probably stay low for a few months after this panic ceases.
@J Leicht Yes he sold them weapons just like Obama but Obama wasn’t on Fox News a year before he took office blaming the Saudis for 911.
“Who blew up the World Trade Center? It wasn’t the Iraqis….It was Saudi — take a look at Saudi Arabia, open the documents.” – Donald Trump (Fox & Friends, February 2016)
@Debbie Gerard Iran never did anything https://m.youtube.com/watch?v=4ZqtylO1nbI
Dae Dotfan19 – Because MBS (Mohamed Bin Slice and Dice) has spent 10’s of millions of dollars with the TRUMP ORGANIZATION. Therefore, when MBS murders a journalist who’s an American National (Jamal Khashoggi), Trump thinks that’s just fine, and won’t punish him in any way. See, this is the problem having a businessman as POTUS. Too many conflicts of interest. So YES, Trump considers SA his friend.
This may be the time the world rethinks it’s foolish ways. But I doubt it.
Hawsrule Begin, Yes, Hollywood, CNN, and the left wing wackos need to rethink their foolish ways
thekittyloveyou.link/1DZPxAgYHi8
People never learn from history🤣
I LOVE IT WHEN A GOOD PANDEMIC COMES TOGETHER. John “Hannibal” Smith….A TEAM.
@Eric Propaganda of course they do. That’s why they teach history in schools and Universities.
“Once in a lifetime event.” Until next month.
Relax Music Meditation , so what’s the BAD news? Lol
No matter what happens next month, or the month after, or next year, this is still a “once in a lifetime” event, it’s already happened.
@Greg Lopez It might turn out to be more like a once in the rest of a lifetime event.
what did they do with the hundreds of billions they made the last 10 years?
@jeck jeck It’s expensive to recruit, train, and deploy children to be somewhat useful on the islands. Not like they come that way out of the box.
They bought a lot of politicians, of course. Bailout guaranteed. Suddenly, socialism will become a GOOD thing…. as long as it helps the 1%…..
@Krystal Myth
Seriously? :/
lobbyist?
Stop production? And what happened to all those billions in profit oil companies were bathing in for the last decade? Forgive me for not feeling sorry for big oil.
Right they shouldn’t been saving except buying hookers
Same. . . Those greedy pig hogs been spending all their money an now a multi-billion company going bankrupt. That’s their fault. Let them fall.
You guys do realize these American oil companies help the average consumer buy keeping Opec honest. Without the shale oil producers the oil price would be far higher. Don’t let your hatred ignore the good the shale oil producers do. Opec would screw consumers if it wasn’t for the shale oil producers.
@SB 🤣😂I also heard those realistic sheep they can buy are not cheap🤣😂🐑🐏
@Al mac disagree- Hemp can fight any of them..😁
Are we supposed to feel sorry for these billion/trillion Dollar Corporation’s
It will affect a lot more than just the billionares in the group. Entire economies will suffer.
@Joe Shaloom I don’t think you comprehend why oil is necessary and that fact it dropped below zero dollars a barrel is a bad sign for everyone. Their is no alternative for oil even electric and win requires oil to move parts and produce those renewable energies.
@Myballsitchsomethingfierce Oil isn’t cheap because there isn’t any. It’s cheap because there’s too much of it. The Saudis and Russians flooded the market while demand was low so they could bankrupt competitors and corner the world market. Then THEY get ALL the money. Or so I hear…
No but please use respect for the people who are working in it. It’s all the know and it’s probably not ever going to come back, I grew up in West Texas and all my family is there most of the Small towns will probably die and possibly some larger ones too.
No, you should feel sorry for the thousands of Anericans they employ
Good!!! Now all we need is for gas prices to fall. I’d like to see 99 cents a gallon again.
Ah, I remember 1985 and paying .89 a gallon!
It will be 68 cents per Gallon by April 26th… just read on the CDC website expect a major swing down very shortly Y’all!! Love and respect from southern Texas 🛢🛢🛢🛢
Oh man it was .99 when I got my drivers license in 1996 in southern California
It’s been under $1.50 here in the Midwest since January
Best news I’ve heard all day.
Mother Nature’s catching her breath for the first time in decades.
@clayton davis I love how you’re such a slave to money that you think food will disappear when the dollar becomes as worthless as what it’s printed on. If you’d pay attention to the big picture, you’d see that the whole system is starting to crash from rapid modernization and poor management.
@jef “You absolutely moron.” Yep, that checks out.
The hundreds of thousands of people who are employed by these companies probably aren’t breathing a sigh of relief.
@Anne Alessandri So putting such emphasis on these jobs, this corner of all the suffering in this world while we as a species destroy the very foundation of our existence, while the solution to these people losing their jobs is a pure matter of sensible policy making is narrow minded? Is your solution to this then to stop adressing the pandemic?
When electric cars became reality, oil became worse than trash.
@Dead Doll well sure I know that Hydrogen has its problems, but in the long run it will have less environmental impact than electric cars.
What people seem to neglect is how the mining of the material needed for the batteries are highly environmental unfriendly, not to mention the disposal of the batteries when it eventually incapable of retaining its charge.
Electric cars will never become reality, go and do a bit of research instead of just listening to slick salesmen like Musk, there is not enough rare earth minerals like cobalt to make billions and billions of batteries. EV’s will always be nothing more than a niche market.
the best for the human being stop the over use of oil
Surgien Heorte the demand is down because of stay at home orders too
We’ll still need it for plastics and other none energy things.
oil companies looking for massive bailout watch
@Last Laugh yeah yea yea . can’t even get tested wit cancer..would love to come to ur town
@Last Laugh I know I’m deranged after fighting for this country. but ur just ignorant
@Last Laugh trump blames everything on Obama so why the fuk not
Angel mendoza yes the want only bail out from 2.2 trillion 😂😂😂
And they will get it.
Bet they wish the executives hadn’t gotten paid so much for all these years. We all broke now so suck it up like we are.
It must be the coronavirus or Putin or sumptin’ like dat to blame. No way the people running the racket could be morons. To become VP in charge of martini lunches at the country club you have to be the best and the brightest. 😆
They don’t care one bit about that. They’ll blame every dollar they have to pay workers though.
And..there it is. So now we know who is really behind the protests, talk radio’s, republican governor’s and Trump’s eagerness to lift the lockdown.
@enhaxed X and she’s in charge of our education lol
And FOX’s “news” is driving the campaign
@Paws n Boots back to work puss
Back to work….how you losers stay home all day is beyond me…
@Josedantes Baezhigh school graduate only huh?
Well hey thats a silver lining! Maybe mother nature will take care of the pressing issue of climate change her damn self after all.
We can’t bail them out. That’s socialism!! Oh no!!
Don’t tell that to a trump boot licker…
Corporate socialism doesn’t exist folks its just regular old neoliberal capitalism!
@Barrac Obama I know you sent yours back right Harrison?
@Barrac Obama so the stimulus checks of 1200 is your proof of socialism..so lets ignore what it took to get this point..ten thousand plus deaths…stocks crashing….oil market crashing…headed toward a recession..unemployment at a all time high..government controls concerts sports your everyday life…you can have 1200 a month..but that’s gonna be your life
@Josh Edmonds I prefer putting a pause on the payment than to give them money.
I would feel bad for them if they hadn’t been price gouging everyone for several years. “You’re riding the karma train now”-Earl Hickey
Dont feel sorry, they dont need or deserve any sorryiness
Gabriel Patten
Price gouging for “several” years. It’s more like price gouging for decades.
This guy thinks everyone is deaf !!
Price gouging since day 1. How else do you think Jed Clampett could up and move to Beverleeee ?
I would feel bad for them if they hadn’t poisoned land, air and soil worldwide for more than a century! Caused untold numbers of cancer, asthma, etc.
You realize actual human beings work for these companies, right?? It’s not just the CEO who is at risk here…. Thousands of innocent people will lose their jobs. That’s nothing to celebrate.
Oil companies have to pull themselves up by their boot straps like poor people.
Maurice Lucious they’ll be having someone else (taxpayers) pulling up those straps.
Maurice Lucious you win the comment of the year award 🥇 sir!!
@Mellowyellow8888 so ,you are only concerned because you work for them 🤔 well ,I don’t do fck the oil companies. How’s that?
Taxpayers to the rescue!!
@blood stream I’m saying we dont want bail outs! Let everything equalize.. bad companies go under.. good companies remain.. give $$ to people that need it.. most people in oil industry believe this.. only people assume we all want bailouts..
negative oil price? does it mean someone would pay me to fill my gas tank? lol
ShaqWith TheCombo oil is black in color. He thinks a black person should be pumping his gas. He is a massive racist.
@Bingo Bango perfect logic
@Bingo Bango that’s just stretching it.
Technically yes, get ready to fatten your skinny wallet at the gaz station. The more gas you need the money cash you get. Lol
Keep dreaming is a good dream 🛌