My opinion is oil below $50 a barrel is more harmful to the US than helpful. Gas was reasonably priced before all this started. Few people were having to only add 5 gallons a trip. That’s how it was when oil went over $100 a barrel. It impacted people’s budgets. $50 oil doesn’t really do that. It is “cheap enough”. $20 oil kills our entire oil industry, and doesn’t really add that much money to our pockets. I’d rather have oil at $50.
We don't get the choice. Commodity markets are funny like that.
Gas should be $1.50. It's 1.75 here. That's price gouging, lol. Cheap airfare! Plan vacations. Take roadtrips. The air is amazingly cleaner from so much less economic activity. Earth hasn't had a break like this since before the industrial revolution.
It’s supply and demand. Oil is below a healthy price for the US, so we should encourage the reduction of supply, and the increase in demand. That means asking our allies to cut oil production somewhat, and Trump has already asked that the Strategic Petroleum Reserve be refilled to capacity, which adds to the demand. But these imbalances typically take months to right during good times, it’s probably not possible until we get back to work and lift the demand back higher.
It’s the labor and production costs. There’s a certain threshold most producers need to maintain to meet those costs and still be profitable, but there’s also a certain threshold the price of oil needs to be for it to either help or hurt an economy. Oil is a fickle bitch, and OPEC is just a plain old bitch.
On the good side Trump used this to refill our depleted oil reserves (that obama was responsible for draining) ultra cheap.
My opinion is oil below $50 a barrel is more harmful to the US than helpful. Gas was reasonably priced before all this started. Few people were having to only add 5 gallons a trip. That’s how it was when oil went over $100 a barrel. It impacted people’s budgets. $50 oil doesn’t really do that. It is “cheap enough”. $20 oil kills our entire oil industry, and doesn’t really add that much money to our pockets. I’d rather have oil at $50.
We don't get the choice. Commodity markets are funny like that.
Gas should be $1.50. It's 1.75 here. That's price gouging, lol. Cheap airfare! Plan vacations. Take roadtrips. The air is amazingly cleaner from so much less economic activity. Earth hasn't had a break like this since before the industrial revolution.
It’s supply and demand. Oil is below a healthy price for the US, so we should encourage the reduction of supply, and the increase in demand. That means asking our allies to cut oil production somewhat, and Trump has already asked that the Strategic Petroleum Reserve be refilled to capacity, which adds to the demand. But these imbalances typically take months to right during good times, it’s probably not possible until we get back to work and lift the demand back higher.
Yup! Hopefully 4/1 when our 15 days is up we've tested a bunch and gotten medicine to as many as possible and a substantial portion goes back to work.
Helluva April's fool joke if we don't.
Aluminum!
It’s the labor and production costs. There’s a certain threshold most producers need to maintain to meet those costs and still be profitable, but there’s also a certain threshold the price of oil needs to be for it to either help or hurt an economy. Oil is a fickle bitch, and OPEC is just a plain old bitch.
US oil production will be shutdown for a while. USD is surging! This is just plain weird.
We're ok though
"people familiar with the matter said."
There's a major reset happening. Price of many commodities has dropped 30% right with the stock market. USD is stronger than ever.
Everything is weird. There will be a new normal, but markets are still reeling.