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Message
re: Update, May crude oil futures now down to under $12
Posted on 4/19/20 at 9:47 pm to BeepNode
Posted on 4/19/20 at 9:47 pm to BeepNode
Well, its not just about the workers but the economy of La.
You can’t “literally” turn off that revenue and expect the state to fund services as it was budgeted
I believe every dollar dropped on a barrel of oil is hits the budget around 10m with last years budget set around 57-8 dollars a barrel.
You can’t “literally” turn off that revenue and expect the state to fund services as it was budgeted
I believe every dollar dropped on a barrel of oil is hits the budget around 10m with last years budget set around 57-8 dollars a barrel.
1
Posted on 4/19/20 at 9:50 pm to Tonio
quote:
Oil futures down another $3.00 to $15.27
Posted on 4/19/20 at 9:51 pm to bayoubengals88
WTI is around $23 right now....
Posted on 4/19/20 at 9:51 pm to t00f
quote:
I believe every dollar dropped on a barrel of oil is hits the budget around 10m with last years budget set around 57-8 dollars a barrel.
So you're saying that the rest of the country should pay an extra $200+ billion a year so that Louisiana state government can get $40 million?
Posted on 4/19/20 at 9:57 pm to BeepNode
yes, higher oil revenues is good for the entire country.
You think La is the only state hurting with lower oil prices?
You think La is the only state hurting with lower oil prices?
Posted on 4/19/20 at 10:05 pm to t00f
quote:
yes, higher oil revenues is good for the entire country.
I'm providing hard evidence that is not.
quote:
You think La is the only state hurting with lower oil prices?
You're moving the goalposts but that's okay. So tell me, how many people will lose their jobs in the entire nation due to cheap oil? According to the BLS, there are 145,000 people working in the O&G extraction industry.
Let's be very generous and say this the multiplier (support services) triples that number to 435k, and half of everybody loses their jobs. That's 217,500 jobs lost.
You're saying that America should pay $200B to $400B more in order to save those jobs? That's up to almost TWO MILLION dollars per job!
On top of that you're not taking into account all the other non O&G jobs that are created when Americans have an extra $200B to spend.
Do you have any actual facts to dispute any of this?
This post was edited on 4/19/20 at 10:09 pm
Posted on 4/19/20 at 10:07 pm to Tonio
meanwhile gas is still close to $2/g here in SWLA. Splain that....
Posted on 4/19/20 at 10:08 pm to bayoubengals88
He was looking at May, June contracts are trading $23. May expires on Tuesday so a lot of sites have already switched to showing June
Posted on 4/19/20 at 10:11 pm to LSU7096
quote:
the oil cartels will keep demand restricted to inflate prices.
The level of stupidity here never ceases to amaze.
Posted on 4/19/20 at 10:13 pm to BeepNode
quote:
I'd be interested to see any respected economics publication that supports your firm belief that higher prices for raw materials helps the overall economy.
So you think the fact that gasoline demand is down 50% is a good sign for the economy?
Posted on 4/19/20 at 10:15 pm to OysterPoBoy
quote:
If you aren’t stocking up on Mobile 1 now your an idiot. I got enough to last 5 years and thinking about going back for more.
Have I told you in the last few days how you're one of my favorite posters?
Posted on 4/19/20 at 10:17 pm to BeepNode
O&G Supports 9.8 Million Jobs
Old numbers but probably higher today. Texas alone probably loses more jobs than you have counted.
Old numbers but probably higher today. Texas alone probably loses more jobs than you have counted.
This post was edited on 4/19/20 at 10:21 pm
Posted on 4/19/20 at 10:17 pm to Pelican fan99
quote:
Starting my next well in a week or so. Hopefully it lasts a few months and it’s back up by the time it’s done
You better hope it takes around 18 months to drill.
Posted on 4/19/20 at 10:19 pm to lostinbr
quote:
So you think the fact that gasoline demand is down 50% is a good sign for the economy?
That's a non sequitur.
Raising prices on nearly all goods and services will not increase demand for gasoline. Demand is low because of the shutdown.
Posted on 4/19/20 at 10:26 pm to BeepNode
OP said:
You said:
quote:
Oil futures down another $3.00 to $15.27
You said:
quote:
Good.
Posted on 4/19/20 at 10:28 pm to BeepNode
The OT always gets into this stupid quarrelsome mood when oil prices are mentioned. It’s safe to say that either extreme sucks
- prices are high: the budgets of American families get squeezed, life gets harder as things become more expensive
- prices are low: millions of Americans lose their jobs, companies go bankrupt, banks holding a lot of that corporate debt find themselves in a bad spot, recessions happen
Anyone cheering on either outcome is a short-sighted dickhead. Oil at $15 is absurd and oil at $115 is absurd.
- prices are high: the budgets of American families get squeezed, life gets harder as things become more expensive
- prices are low: millions of Americans lose their jobs, companies go bankrupt, banks holding a lot of that corporate debt find themselves in a bad spot, recessions happen
Anyone cheering on either outcome is a short-sighted dickhead. Oil at $15 is absurd and oil at $115 is absurd.
Posted on 4/19/20 at 10:30 pm to The Boat
quote:
It’s not from a lack of demand
Lmao
Posted on 4/19/20 at 10:33 pm to Boring
The problem is the crash. If we slowly phase out of oil then that is fine. Crashes in oil while it represents this much of the economy is not good for our country.
Posted on 4/19/20 at 10:45 pm to BeepNode
quote:
Do you have any actual facts to dispute any of this?
I’m not the poster you’re responding to, but I’ll take a crack at it.
1. The BLS numbers you cited are very limited in scope. The oil & gas industry supports millions of jobs when you account for midstream, transportation/logistics, and indirect economic activity. Not to mention the impact on the finance industry.
2. OPEC’s goal is not to keep the price of oil at sub-$20/bbl forever. They want to put their competition out of business to maintain market share. Despite your lack of concern for the US oil & gas industry, the shale explosion is the main reason oil isn’t $100/bbl anymore. If those producers go under and the Saudis gain market share, higher prices are inevitable. And a second reckoning in less than 10 years might be enough to scare investors away permanently.
3. The negative economic impacts of low oil prices are felt much faster than the positive impacts of low prices at the pump.
4. Oil demand is a strong indicator of the economy’s overall health. When oil prices bounce back, it likely means people are going back to work and the wheels are turning again.
Posted on 4/19/20 at 10:51 pm to BeepNode
You clearly know nothing about the industry if you cite anything, reputable or not, that says there are only 145,000 people that work in O&G extraction industry.
I’m not disagreeing with your premise of your argument but just felt compelled to correct you there because that is laughable.
I’m not disagreeing with your premise of your argument but just felt compelled to correct you there because that is laughable.
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