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Mr. Nice! posted:It's a unit of measurement equal to 42 gallons. So you need a 42k gallon tank. I can't just buy one?
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Apr 20, 2020 20:41
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Proud Christian Mom posted:right now if you showed up with empty gallon milk jugs theyd let you fill them just to make it your problem and not theirs I keep getting told by soldiers that deployed to Kuwait/Afghanistan/Iraq that oil spills were never really a big deal. They just shoved whatever oil leak was there into the sand "to return it from whence it came". Of course that was against the law/regulations/policies, but I'm guessing if this goes on long enough, nearby Oklahoma locations are going to have enough oil spills to turn the whole drat state into a HAZMAT site.
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Apr 20, 2020 20:42
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Hot Karl Marx posted:I'm just sick of Alberta whining about absolutely everything like a bunch of spoiled babies.  Alberta really feels like Canada's Ohio sometimes (everyone tries to get the gently caress out if they have no desire to work in oil).
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Apr 20, 2020 20:43
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facialimpediment posted:I keep getting told by soldiers that deployed to Kuwait/Afghanistan/Iraq that oil spills were never really a big deal. They just shoved whatever oil leak was there into the sand "to return it from whence it came". Of course that was against the law/regulations/policies, but I'm guessing if this goes on long enough, nearby Oklahoma locations are going to have enough oil spills to turn the whole drat state into a HAZMAT site. with the EPA basically turning a blind eye to everything it wouldn't surprise me to see storage go up in flames to collect insurance
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Apr 20, 2020 20:44
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Vincent Van Goatse posted:I can't just buy one? Usually when you buy "oil" you're buying a share of an "electronically traded fund" which means that you're actually buying something from someone offering to take care of all those pesky issues for you. Those people seem to be in trouble!
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Apr 20, 2020 20:49
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Futures are basically video game preorders you can buy and sell freely except the value of your preorder fluctuates based on the market.
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Apr 20, 2020 20:59
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Mustang posted:I met a lot of dudes in the Army talking about getting out and working in the oil industry in Texas, both enlisted and some officers. One of them is a CPT getting out in 3 months that had told me he's got a finance job lined up with some oil company the last time I talked to him in FEB. There was a fairly industry wide hiring freeze when the KSA / RUS price war started, and once China shut down for Covid the lay offs began, haven’t slowed down since. Downstream workers have more job security than those in the field, but after what I’m seeing today it’s going to be a tough week for a lot of folks in O&G. ganglysumbia fucked around with this message at 21:25 on Apr 20, 2020 |
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Apr 20, 2020 21:10
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facialimpediment posted:Con: this will likely stunt the development of renewable/clean energy technologies for the near/medium term Is it bad that I feel a bit of schadenfreude for the big oil companies who were reporting record profits a decade ago at ~$140/barrel while we even paid $4/gallon for unleaded in Bumfuck, Ohio?
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Apr 20, 2020 21:11
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CBJSprague24 posted:Is it bad that I feel a bit of schadenfreude for the big oil companies who were reporting record profits a decade ago at ~$140/barrel while we even paid $4/gallon for unleaded in Bumfuck, Ohio? The majors are going to buy the assets of all these small producers that can’t afford these prices, like usual it’s the guys at the bottom of the totem pole that will be eating poo poo.
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Apr 20, 2020 21:17
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Demand has been slacking for years as countries realize the value of renewables. Solar and wind available kW has doubled again and again. It always was a house of cards, and artificially strangling supply for the rest of forever was never going to viable forever - see fracking and otherwise. Will we suddenly see the resurgence of cheap muscle cars and fuel oil plants? Maaaybe, but the reality is that two entire generations have grown up under the shadow of sky high gas prices. When fuel prices see a surge again, it's not going to be the sky high prices that it was. While oil is still an important and valuable commodity, it's solely being replaced as the sole source of things like plastics, lubicrants, and energy generation.
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Apr 20, 2020 21:31
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Vincent Van Goatse posted:I can't just buy one? the price that went negative is the may futures contract. each contract is for 1000 barrels or 42k gallons. so when they drop to -35/barrel that means that someone paid someone else $35k to go pick up 42k gallons of oil next may in Cusking, OK. It's the equivalent of the Texans trading a 2nd and Brock Osweiler to the Browns just to get his contract off their books.
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Apr 20, 2020 21:40
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Handsome Ralph posted:
That's what they get for changing the devonian gardens
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Apr 20, 2020 21:47
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It would not surprise me in the slightest if people start thinking "I'll buy barrels and keep gas in my garage *just in case*," not reasoning that 1) that's extremely dangerous, and 2) even using a stabilizing agent, gasoline only keeps for like 6-8 months.
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Apr 20, 2020 21:51
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Buy diesel
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Apr 20, 2020 22:00
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M_Gargantua posted:Buy diesel Buy beautiful clean coal. Lasts forever!
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Apr 20, 2020 22:25
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BIG HEADLINE posted:It would not surprise me in the slightest if people start thinking "I'll buy barrels and keep gas in my garage *just in case*," not reasoning that 1) that's extremely dangerous, and 2) even using a stabilizing agent, gasoline only keeps for like 6-8 months. "The Gang Solves the Gas Crisis, Again"
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Apr 20, 2020 22:28
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M_Gargantua posted:Buy diesel Not sure in other areas, but here gas dropped about 70 cents and has stayed there hovering right at 1.58 or so. Diesel started at 2.49 and is now 2.46.
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Apr 20, 2020 22:29
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ganglysumbia posted:The majors are going to buy the assets of all these small producers that can’t afford these prices, like usual it’s the guys at the bottom of the totem pole that will be eating poo poo. i assume it's gonna be real bad for oil workers and their communities at least fewer, bigger companies will be easier to nationalize Doc Hawkins fucked around with this message at 22:37 on Apr 20, 2020 |
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Apr 20, 2020 22:35
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Doc Hawkins posted:i assume it's gonna be real bad for oil workers and their communities Businesses are going to be toast because they're leveraged to their eyeballs with junk bond-grade debt. https://www.nytimes.com/2020/03/20/business/energy-environment/coronavirus-oil-companies-debt.html quote:Interest rates were low, and investors embraced the riskier debt that energy companies typically issued with the promise of higher returns. In the last 18 years, energy companies were among the largest issuers of junk bonds on Wall Street, according to analysis from JPMorgan Chase. In 10 of the last 11 years, energy companies were the single largest junk bond borrowers.
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Apr 20, 2020 22:45
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there are a lot of secondary and tertiary industries that will be devastated by the drop in oil. haulers, vac trucks, rod fishers, etc etc this will ripple out and cripple a lot of small/medium specialized businesses
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Apr 20, 2020 22:53
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the assets alot of these production companies have, actual oil producing acreage, is loving worthless right now and they were paying upto $80k an acre not even 2 years ago. its basically the housing crisis, but in the energy sector.
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Apr 20, 2020 22:56
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Proud Christian Mom posted:its basically the housing crisis, but in the energy sector. This is a terrifying description which will wake me in the night.
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Apr 20, 2020 23:05
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Weird question. Could a theoretical Green actor (government, non-profit, philanthropist whatever) try to buy up these temporarily hosed assets/drilling rights and just sit on them even as demand returns to normal?
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Apr 20, 2020 23:11
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Sarern posted:This is a terrifying description which will wake me in the night. But without predatory banks having taken advantage of consumers, who will Rick Santelli blame?
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Apr 20, 2020 23:18
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Stultus Maximus posted:But without predatory banks having taken advantage of consumers, who will Rick Santelli blame? Nurses and free clinics, probably.
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Apr 20, 2020 23:19
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https://twitter.com/TPM/status/1252...mber%3D967pti12
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Apr 20, 2020 23:20
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Mods, a question: If the GOP was a forums poster would they be probated for wishing death on their own voter base?
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Apr 20, 2020 23:28
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The numbers in the oil industry basically just defy belief in the normal world. My last "oilfield" job was supervising the building of a new drill ship in a yard in South Korea. The price for the rig was @$750,000,000. There were 14 rigs being built in that yard at the same time. There were 3 yards that size in South Korea building the same number of rigs. The yards were running flat out and had been for about 5 years. [takes about a year to build a drill ship]. Those rigs were going out drilling on day contracts of between $750k to $1000K. They were booked up for years in advance. The last big crash in oil price dropped it to about $20 a barrel and most of those rigs got left in the yard as drilling companies simply walked away and took the hit of having billions of dollars of assets suddenly be worth nothing. I have tried many times to just explain to people just exactly how stupid the numbers are in oil and gas but it's really hard to get your head round. For example; The first place I worked on offshore North sea was a platform that collected all the gas produced from other satellite platforms, compressed it and sent it ashore. When it came online the gas sent in paid for the whole project in six weeks. Every aspect of that project from someone having the idea to the thing being turned on. The byproduct of the gas, called condensate, paid for the running of the whole edifice including salary of the workers, food, fuel, helicopter flights, standby boats, etc. I worked on a rig in Brazil that was drilling on $500k/day. If the TV went down so the local labour couldn't watch football, the day rate went to $0. A rubber gasket for an admittedly very important piece of equipment cost 20k. Every time they broke the joints that these protected they had to be replaced. There were 12. They got replace monthly. There was only one manufacturer. I know this pales into insignificance against the military but oil going to negative numbers is going to hit a lot of people VERY HARD INDEED.
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Apr 20, 2020 23:32
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Make money off of something besides mako
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Apr 20, 2020 23:37
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Proud Christian Mom posted:with the EPA basically turning a blind eye to everything it wouldn't surprise me to see storage go up in flames to collect insurance you know all of the EPA regulations are not in effect right now, just like usda food inspections are off as well 
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Apr 20, 2020 23:37
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Vincent Van Goatse posted:Mods, a question: If the GOP was a forums poster would they be probated for wishing death on their own voter base? They'd have been permabanned long before it got to this point.
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Apr 20, 2020 23:39
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Fallom posted:Make money off of something besides mako someone who is good at the environment please help me budget this. my planet is dying
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Apr 20, 2020 23:41
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McNally posted:They'd have been permabanned long before it got to this point. I mean, I'm assuming this wasn't true for purposes of the question.
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Apr 20, 2020 23:45
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Handsome Ralph posted:
<  >
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Apr 21, 2020 00:15
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Vincent Van Goatse posted:I mean, I'm assuming this wasn't true for purposes of the question. Well, in this case it's both targeted and specific and is also more akin to instructions to people who are likely to follow them. So yeah, I think so.
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Apr 21, 2020 00:35
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facialimpediment posted:I keep getting told by soldiers that deployed to Kuwait/Afghanistan/Iraq that oil spills were never really a big deal. They just shoved whatever oil leak was there into the sand "to return it from whence it came". Of course that was against the law/regulations/policies, but I'm guessing if this goes on long enough, nearby Oklahoma locations are going to have enough oil spills to turn the whole drat state into a HAZMAT site. I can only imagine how it must be now that the EPA gives no fucks but when I worked in the oilfield in the gulf of mexico in the late 90's the smaller platforms were always up to poo poo. I went to one every couple weeks that we always delivered a 55g drum of rig soap to (think like 4x concentrated Dawn detergent). They were always throwing soap around the rig to prevent the constant steady leaks of oil from making a slick which helicopters / boats could see and would have to report. This was a Whiting petroleum rig iirc but there were like 5 other ones that got to visit personally. It's gotta be loving nuts out there now. The only reason they were even dumping soap back then was to not get an EPA fine.
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Apr 21, 2020 00:40
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iwentdoodie posted:Not sure in other areas, but here gas dropped about 70 cents and has stayed there hovering right at 1.58 or so. Diesel started at 2.49 and is now 2.46. Diesel stays high due to highway taxes aim at semis.
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Apr 21, 2020 00:47
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Here's some amusing covid news Our leader of the opposition came out swinging on facebook and... scroll through the comments. He gets absolutely annihilated. https://www.facebook.com/202557943109716/posts/3208761919155955/
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Apr 21, 2020 01:13
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Christ I wish that fuckwit was the minority here
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Apr 21, 2020 01:25
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shame on an IGA posted:Christ I wish that fuckwit was the minority here Not sure where "here" is, but the protestors are in the hella minority. https://www.abc27.com/news/us-world/national/polls-indicate-protestors-in-minority-opinion-toward-shelter-in-place-regulations/ quote:Quinnipiac found that almost 70% of Republicans favor shelter-in-place at the national level, while more than 80% of Americans are in favor across party lines.
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Apr 21, 2020 01:40
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