Community Chat

[Kachina624]

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.

[Xivambala]

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

[millieshops]

@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.

[Kachina624]

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

[Kachina624]

@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.

[millieshops]

@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.

[Xivambala]

@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. 

[goldensrbest]

I think she lives in new mexico.

[Kachina624]

@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".

[Porcelain]

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.