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Started By
Message
re: Oil price has crashed
Posted on 3/9/20 at 8:21 am to Dawgwithnoname
Posted on 3/9/20 at 8:21 am to Dawgwithnoname
quote:
Simple economics. Fuel is a cost of doing business so every other industry benefits from cheap fuel.
Except the economics are not that simple. Cheap crude does not simply equal cheap fuel.
Cheap crude does equal lower margins for those extracting it. These oil prices aren’t just business as usual if not corrected, there will be disruptions that will cross into other industries
Fuel hasn’t exactly been expensive for 5 years. Not sure how much savings some of y’all expect to see at the pump.
1
Posted on 3/9/20 at 8:30 am to fightin tigers
quote:
Usually is. Better margins
Posted on 3/9/20 at 8:32 am to msap9020
Dow just opened 1800 down.
Posted on 3/9/20 at 8:37 am to Loup
Gotcha. I remember I got $10/hr because I had a car and was willing to work off site.
Posted on 3/9/20 at 8:37 am to AHM21
Trading halted for 15 minutes, first circuit breaker
Hopefully only one of the day...
Hopefully only one of the day...
Posted on 3/9/20 at 8:38 am to Pettifogger
Yep.
Currently down 1884 (7.29%)
Currently down 1884 (7.29%)
Posted on 3/9/20 at 8:41 am to AHM21
quote:
Currently down 1884 (7.29%)
Perhaps a minor gripe of mine, but I wish reporters would focus more on reporting the percentage drop than the total points drop. The percentage tells a bigger story in most cases.
Posted on 3/9/20 at 8:42 am to The Spleen
To me that's always a financial reporter/outlet vs. mainstream news outlet thing. The latter does what you're talking about, the former almost always references % change.
Posted on 3/9/20 at 8:47 am to Pettifogger
quote:
Trading halted for 15 minutes, first circuit breaker
Hopefully only one of the day...
Doubt it. We hit the first one almost immediately.
Posted on 3/9/20 at 9:01 am to Samso
We are full steam ahead on having a global recession this year, nothing can stop it at this point.
Posted on 3/9/20 at 9:03 am to FieldEngineer
quote:
Doubt it. We hit the first one almost immediately.
Hanging in there for now
Posted on 3/9/20 at 9:09 am to Nigel Farage
I hate to be a purveyor of doom and gloom. But, I sit in on a number of pension fund meetings. Many of these have just recovered back to decent funded status after '08. Even a flat year will put them back in what the pension protection act calls red zone when the actuaries are assuming like 7% return. If you are right and we have a negative year in the markets, it may kill the Central States pension and PBGC backstop.
Posted on 3/9/20 at 9:13 am to OweO
I saw a black guy put .20 worth of gas in an old cutlass once. That car literally had to burn that gas sitting there idling 
Posted on 3/9/20 at 9:51 am to LSUBadger
quote:
90% of their population wants to live in the Stone Age anyway
All of them would yell "Upgrade" if that happens.
Posted on 3/9/20 at 10:18 am to Samso
Already saw an F250 for sale in the parking lot.
Posted on 3/9/20 at 10:30 am to The Spleen
7.29% is the 14th largest single day drop of all time for the Dow
Posted on 3/9/20 at 10:31 am to Samso
Bought gas yesterday for $2.02/gal. Doesn't really affect me since I am an OT balla and not an OT baw.
Posted on 3/9/20 at 10:45 am to TigerBait1971
Refineries have to have a Chem Plant when this happens to stay afloat. Valero in Destrahan does not. They will hurt.
Posted on 3/9/20 at 10:52 am to TigerSprings
quote:
Refineries have to have a Chem Plant when this happens to stay afloat. Valero in Destrahan does not. They will hurt.
No they won't. That plant cleaned up when oil prices cratered in 2015.
Posted on 3/9/20 at 10:56 am to blueboy
quote:
Some day, people will finally get tired of having their lives dictated by goat frickers from the orient.
And finally progress to various renewable and clean energy sources?
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