topic Re: Oil Prices in Community Chat

Oil Prices

Kachina624 — Mon, 20 Apr 2020 18:29:15 GMT

Oil prices this morning plummeted to below $0. This will mean the loss of thousands of additional jobs tied to the oil industry and revenue for states with oil resources.

I can remember in the past when oil companies started pumping oil back into the ground. I can't wait for financial analysts to tell us how this will affect gas prices and what the other implications are.

Re: Oil Prices

Xivambala — Mon, 20 Apr 2020 19:02:24 GMT

If we can't drive anywhere, we won't be filling up our tanks.

Re: Oil Prices

millieshops — Mon, 20 Apr 2020 19:03:33 GMT

@Kachina624I can already tell you another implication - anyone who has retirement savings will likely see them affected. Hopefully people are well diversified, but even then there will be a hit.

One implication of that for me is that I will remain out of the general retail market except for an occasional very practical item for a very long time. I just looked at my EZP page and for the first time in years and years at the end of May, I will owe QVC nothing. Not a single credit charge for my favorite local retailers since February.

Re: Oil Prices

Kachina624 — Mon, 20 Apr 2020 19:09:54 GMT

Good for you, @millieshops . I also will be doing no buying.

Re: Oil Prices

Kachina624 — Mon, 20 Apr 2020 19:14:05 GMT

@Xivambala That's one reason for the crash. There's a glut of oil and companies are running out of places to store it. They may soon be paying their customers to take it off their hands.

Re: Oil Prices

millieshops — Mon, 20 Apr 2020 19:33:45 GMT

@Kachina624This is the third time since I retired that my funds have taken major hits. 9/11 was first and just getting back to go took years. The crisis in 2007-8 was next and again, years to recovery.

And then what looked like growth disappeared as the virus swept the world economy. Once again there's little likelihood that recovery will be quick and easy - at least for those of us whose time frame doesn't encourage risk taking.

I can truly say "enough is enough" My retirement fantasies never involved all these hills and valleys.

Re: Oil Prices

Xivambala — Mon, 20 Apr 2020 19:46:40 GMT

@Kachina624 I take it that you are in Texas. Not likely that I can store oil at my condo in Florida I would give anything to take a drive through the Everglades or down the Overseas Highway to Key West for a day trip now. The later would not be allowed. Although driving through the Everglades can be a lonely trip (don't see many drivers), I'm sure law enforcement would stop me and give me a ticket or fine for being out and about.

Re: Oil Prices

goldensrbest — Mon, 20 Apr 2020 20:12:45 GMT

I think she lives in new mexico.

Re: Oil Prices

Kachina624 — Mon, 20 Apr 2020 20:17:38 GMT

@millieshops I know what you mean. My poor sister retired last month after a lifetime of hard work and went into social isolation the next day, where she has of course been ever since. Thank goodness she got a kitten a few months ago to keep her entertained. She (sister) is a very social creature so this is killing her.

I got out of the stock market about 2 years ago. I just had a feeling some disaster was going to occur. Many people won't live long enough to see the economy recover. It's going to be a long, slow process. We're so deeply in debt as a country, I feel sure taxes will be increasing. I haven't heard any politicians say, "No new taxes".

Re: Oil Prices

Porcelain — Mon, 20 Apr 2020 20:28:02 GMT

It's bananas. Oil is worth negative dollars now. Day traders bought this stuff intending to resell it. They have no place to store it. They bought it just sitting at their computers. They thought they could just sell it on and make a profit.

But nobody wants to buy it. And now these guys have to take delivery of a bunch of oil and they are just living in houses or apartments like the rest of us and own no tankers or train cars to put it in. So they are trying to pay people to put it somewhere since they are on the hook for it.

Be careful what you wish for.

Re: Oil Prices

Kachina624 — Mon, 20 Apr 2020 20:29:24 GMT

@Xivambala Yes, I retired to New Mexico after living in the middle of the oil patch in Texas for almost 35 years.

I thought the Florida governor was encouraging people to be out and about. Don't see how taking a drive in the car would be objectionable. I did hear Key West was closed. I'm very close to mountains and have thought about taking a drive up there. I like to look for elk.

Re: Oil Prices

Kachina624 — Mon, 20 Apr 2020 20:33:52 GMT

@Porcelain You obviously didn't read the thread as that's what I said above.

Re: Oil Prices

Porcelain — Mon, 20 Apr 2020 20:37:08 GMT

@Kachina624 wrote:
@Porcelain You obviously didn't read the thread as that's what I said above.

I was agreeing with you and putting it my own way. I read what you wrote and thought it was good. I'll delete if if you feel it fouls up a point you're making in your thread. No biggie to me.

Re: Oil Prices

Kachina624 — Mon, 20 Apr 2020 20:59:23 GMT

@Porcelain That's okay, sorry I got snappy.

Re: Oil Prices

Xivambala — Tue, 21 Apr 2020 00:36:01 GMT

@Kachina624 I am somewhat disappointed with Gov Ron DeSantis. I wish he did daily briefings like Andrew Cuomo. I watch for them but never catch anything. The snippets I do see, he talks about testing, nursing homes, schools...things that are very important but not necessarily to me at this time. I know he likes to leave all descision making to local municipalities, but I haven't heard or read anything about lifting the stay at home order. I retired in 2018 and don't want to spend the coming prescious years in my condo, as lovely as the view is.

Re: Oil Prices

Kachina624 — Tue, 21 Apr 2020 01:09:56 GMT

I think this gubernatorial ploy of leaving things to the municipalities is a cop out to avoid taking responsibilitiy for the consequences. In most cases, lower levels of government don't have the information to make intelligent decisions.

Our governor, Michelle Luhan Grisham, took the bull by the horns and had everything in place the first week. Some call her a bully but there was no nonsense. I don't agree with everything she did but I admire the way she took charge.

Re: Oil Prices

Xivambala — Tue, 21 Apr 2020 03:09:42 GMT

@Kachina624 Hmm...I don't really know. I have seen him previously say that what applies to one area of the state, does not apply to another. North FL is very different than the South. He was hesitant to make a decision that would be detrimental to an area that was not as affected by COVID-19 as another. I sent him a Tweet asking for more briefings. It may be ignored, but doesn't hurt to try.

Re: Oil Prices

Alison Wonderland — Tue, 21 Apr 2020 03:26:30 GMT

@Kachina624 wrote:
I think this gubernatorial ploy of leaving things to the municipalities is a cop out to avoid taking responsibilitiy for the consequences. In most cases, lower levels of government don't have the information to make intelligent decisions.

Our governor, Michelle Luhan Grisham, took the bull by the horns and had everything in place the first week. Some call her a bully but there was no nonsense. I don't agree with everything she did but I admire the way she took charge.

I absolutely agree.

Re: Oil Prices

just bee — Tue, 21 Apr 2020 14:30:14 GMT

@Kachina624 wrote:
Oil prices this morning plummeted to below $0. This will mean the loss of thousands of additional jobs tied to the oil industry and revenue for states with oil resources.

I can remember in the past when oil companies started pumping oil back into the ground. I can't wait for financial analysts to tell us how this will affect gas prices and what the other implications are.

@Kachina624

This is disastrous for New Mexico. The industry is 39% of our state's budget and 134,000 jobs.