https://www.foxbusiness.com/markets/with-oil-below-zero-trump-to-top-off-strategic-petroleum-reserve

Seems like now would be a good time to create a 2nd SPR. Although I have no idea how long that would take; prices could be back to normal by the time its ready.

It only takes 4% overproduction in oil to create this kind of fiasco.
It seems to happen every few years when someone decides to have a price war.

About 90% of the people I worked with, including me, were laid off a couple of weeks ago.

We were not drillers. Machinists. We made bearings. Very specialized bearings for downhole drilling.

Last time we went through this, once drilling started again, it took the company I worked for almost two years to get back to where they could meet demand for our product. You can’t just flip a switch and start production again. You are lucky to get half the skilled people back. If they called me six months from now, I’m not sure I’d go back. (I already have another job offer although at a 25% cut in pay. Aerospace has its own issues)

To train new people, it takes about six months to get them to where they don’t have to be babysat. Two years to get them competent enough to do a set up and run on their own.

We typically buy our steel two months out. All the suppliers will be in the same boat.

It will take a minimum of two years to get the oil industry back to where it was a year ago.

Worked out for me. Paid $24 for 25 gallons of gas yesterday. Winning

Yikes.

Take a picture of those prices cause they won’t last long

What about the all these Rail Road liquid cars? Can't they be loaded with oil?
and again why is fuel $189gal?

I am thinking it will lead to MASSIVE shortages.

If you can't make money selling something.......it won't be sold/produced.

Gas still over $2.50 a gallon here.

Prices are the same here as they were last week. Guess they are selling what they had already purchased or they are fucking everyone over. Either way the consumer gets cornholed with no lube.

Holy shit, I thought 70 cents differential between regular and premium was nuts. (1.20 and 1.90)
In Cumberland, regular is 1.05, diesel is 1.65 (Michigan diesel is over $2) and premium is 2.39.

As much as ten dollars a gallon during the "shortage" if demand ever comes back to normal. And the same if demand never comes back up once they get the supply cut down. The fallout from this panic will be in play for years. The dems and their media really don't have clue about what they have done. Of course the upper level deep sate leaders won't suffer any ill effects anyways.

Hopefully, Coleman fuel will come down in price now.

not if refineries shut down

Don't the refineries start going down this time of year anyway for maintenance & to switch from winter to summer blend fuels?

Turn arounds happen. Outages are planned. Prices might flex up slightly.


A large refinery company cutting 300k bbl/day capacity due to lack of demand is not planned.

Could tubing guys are likely out of work, too- those guys are legit pros who earn every bit of their pay.  It's a shame there's not a lot of lateral career fields they could use as a temporary or transitional resort.