Negative Prices Mark The End Of U.S. Shale

Submitted by LocutusOP on Thu, 04/23/2020 - 20:01
Author: 

dan of steele, Mina, Passer by,  Norwegian       

Date: 
Thursday, April 23, 2020 - 20:00
Article link: 
Negative Prices Mark The End Of U.S. Shale

some have spoken a lot about petro dollars and the US's need to make sure oil is traded in dollars. This is supposedly why the US invaded Iraq and destroyed Libya...they both had the idea to use other currencies.

now that oil can't be given away for free what will happen to all those dollars floating around the earth?

if someone who understands how this all works can offer some insight, I for one would be very grateful

 

Posted by: dan of steele | Apr 21 2020 8:25 utc | 1

...

 Bigger picture: "UN recognized" Tripoli gov + Erdo making progresses against Heftar again. Erdo in Brussels 6 weeks ago. Officially he was "summoned" because of his use of the migrants against Greece and the EU, but in fact he was probably offered a juicy deal.

Nice covid smokescreen, no wonder they let it develop until it was too late to hide
https://apnews.com/7ea9da6e5943ac9c5c03fa02c88db21c
This event in Lyon provoked one of the biggest clusters (the so-called Auvergne-Rhône Alpes) next to the evangelical one-week gathering in Bas-Rhin region.
Someone here said "in some regions" of France you can't go out without a written letter (printed or made) with 1 of the 3 reasons allowing you daily to go out, but it is everywhere in France.

Posted by: Mina | Apr 21 2020 8:42 utc | 2

 ...

Posted by: ab initio | Apr 21 2020 8:47 utc | 5

In the US the debt bubble moved from the banks to the corporate sector, it is now at an all time high.

Moreover, for the US economy to run, even in good times trillion dollar deficits are needed.

This year, it needed 19 % budget deficit and 2 trillion Fed balance sheet expaansion in order to simply stop the US economy from collapsing.

Posted by: Passer by | Apr 21 2020 9:32 utc | 5

...

"If you give me 50 bucks, I'll let you fill up my car."

Let's hope they only fill up the tank. But I think crude in the tank is still not the best idea.

 

 

Posted by: Norwegian | Apr 21 2020 10:56 utc | 8

 

 

 

 

Own comment: 

It is certainly noteworthy if we have people being paid to receive oil. I do not expect it to last but it says a lot about this Covid-19-induced recession.

Who knew that confining an entire population to house arrest would have economic consequences!

Perhaps the U.S. will start a new way to drive up the oil price and save its domestic oil industry. Those people are ruthless, shameless and entirely without scrupples.