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re: Cramer sees another oil price collapse: ‘This has to go to zero again’
Posted on 4/27/20 at 10:09 am to OleWarSkuleAlum
Posted on 4/27/20 at 10:09 am to OleWarSkuleAlum
As smart as we all are, we ought to be able to get rich off this information.
0
Posted on 4/27/20 at 10:11 am to ExtraGravy
What’s the best way to do this?
Posted on 4/27/20 at 10:26 am to Yukon7
It’s only a small portion of the oil produced that’s being offered at those negative rates. And I don’t think it will go zero. Anyone that saw what happened last month would be proactive in moving their contracts rather than waiting until the last minute.
Posted on 4/27/20 at 10:30 am to OleWarSkuleAlum
quote:
What’s required for oil storage? Seems like we have a lot of space in the Midwest / West to store barrels of oil. I’m ignorant of the requirements though.
Giant fricking tanks. Lots of giant fricking tanks. One giant fricking tank holds about a half million barrels of oil. The U.S. produces about 10 million barrels of oil a day, at its peak. So, you'd need to build 20 giant fricking tanks a day just to keep up with U.S. production and store it until demand rises. You don't just get a wild hair up your arse and build a tank like that. They typically have lead times in the 12-24 month range once you figure in planning, soils testing, and all the other things you have to do before you hand the tank builder a set of requirements. Building a single 500000 barrel tank is a massive endeavor.
Now, let's say you manage, somehow, to build 20 giant fricking tanks a day.
How the frick do you get 10 million barrels a day into those giant fricking tanks when it's coming from Alaska, California, Texas, Louisiana, Pennsylvania, the Dakotas, etc.?
This post was edited on 4/27/20 at 10:33 am
Posted on 4/27/20 at 10:37 am to TigerstuckinMS
And what do you do with the tanks in a few years when it’s unneeded.
Posted on 4/27/20 at 10:38 am to NoSaint
quote:
And what do you do with the tanks in a few years when it’s unneeded.
Posted on 4/27/20 at 10:39 am to OleWarSkuleAlum
quote:
What’s required for oil storage? Seems like we have a lot of space in the Midwest / West to store barrels of oil. I’m ignorant of the requirements though.
They aren’t actually in barrels anymore. It’s just the unit of measurement used because frick the metric system.
Posted on 4/27/20 at 10:40 am to NoSaint
quote:
And what do you do with the tanks in a few years when it’s unneeded.
If there are salt domes available you could create more storage room pretty quickly but the government and regulations would have to get out of the way. I think the longest part of the process is getting all the permits and approval.
Posted on 4/27/20 at 10:46 am to Oilfieldbiology
There are hundreds of tank cars sitting on a siding along hwy 1 south of Shreveport. I assume they're storing oil.
Posted on 4/27/20 at 10:48 am to OleWarSkuleAlum
quote:
West Texas International
Posted on 4/27/20 at 10:49 am to OleWarSkuleAlum
quote:
to store barrels of oil.
This post was edited on 4/27/20 at 11:21 am
Posted on 4/27/20 at 10:52 am to OysterPoBoy
quote:
Listen to him. Kramerica Industries was an early pioneer in oil delivery safety systems.
Those bladders were revolutionary.
Posted on 4/27/20 at 10:53 am to thadcastle
what is it with you and salt domes bro
Posted on 4/27/20 at 10:53 am to OleWarSkuleAlum
Hopefully this pushes us to renewables.
Posted on 4/27/20 at 10:54 am to AUCE05
quote:
Hopefully this pushes us to renewables.
You mean scams?
Posted on 4/27/20 at 10:56 am to SirWinston
quote:
Why can’t we stockpile all this oil and use it to operate our military for the next 50 years or something
You are vastly underestimating the storage capacity required to do this. Storage is at capacity now. It would require a Hoover Dam type project to do what you're proposing in the short term.
Posted on 4/27/20 at 10:57 am to AUCE05
quote:
Hopefully this pushes us to renewables.
It will do the opposite. Why would the country pay more for energy during an economic downturn when they can get oil on the cheap?
Posted on 4/27/20 at 10:58 am to AUCE05
quote:
Hopefully this pushes us to renewables.
If you want renewables, you should be hoping for really high oil prices.
Posted on 4/27/20 at 10:58 am to redstick13
quote:
You are vastly underestimating the storage capacity required to do this. Storage is at capacity now. It would require a Hoover Dam type project to do what you're proposing in the short term.
Okay so then that’s perfect. Infrastructure spending and we employ millions of the unemployed. The reality is the oil field is way too overextended.
Posted on 4/27/20 at 10:59 am to AUCE05
quote:
Hopefully this pushes us to renewables.
The opposite of what’s happening now needs to happen to push us to renewables
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