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US crude prices briefly drop below $28
a barrel after OPEC deal failure
sparks price war

Original Article

Posted By: Ida Lou Pino, 3/9/2020 12:09:07 AM

Oil prices plunged more than 30% after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war. U.S. West Texas Intermediate crude briefly dropped 32.29% to $27.95 per barrel. International benchmark Brent crude futures also plummeted 29.03% to $32.13 per barrel.

Comments:

Ohmigod! Turn down your thermostats! Put on a sweater! Put your SUV up on blocks! Pray that OPEC will be kind to us! No, wait - - Jimmuh isn't president any more - - and neither is The Beast. WINNING!

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Reply 1 - Posted by: stablemoney 3/9/2020 12:13:20 AM (No. 340841)
Let's see how long they want to give their oil away.
5 people like this.

Reply 2 - Posted by: gymnast 3/9/2020 12:20:04 AM (No. 340846)
This is crushingly bad for the Russian economy, not good for the Middle East or Iran, good for China, good for Japan and Korea. How it is for the US remains to be seen since we are no longer dependent on foreign oil. I doubt that these prices will hold for more than a few days.
4 people like this.

Reply 3 - Posted by: Songstress 3/9/2020 12:36:34 AM (No. 340853)
This is not winning. It puts US oil producers in a tight bind. They need a minimum $40 a barrel to be profitable.
6 people like this.

Reply 4 - Posted by: Songstress 3/9/2020 12:43:22 AM (No. 340854)
(Sorry, pop-up ad caused my previous reply to submit prematurely.) If this keeps up, US producers will likely stop production, and many smaller companies may go bankrupt if they can’t hold out until prices rise again.
6 people like this.

Reply 5 - Posted by: Trigger2 3/9/2020 1:23:19 AM (No. 340862)
Good for consumers; bad for the money grubbers.
2 people like this.

Reply 6 - Posted by: DVC 3/9/2020 2:35:36 AM (No. 340891)
Desperate Saudis trying to destroy their competitors. Won't work. Gas at $1.97 today here at one station that I saw.
2 people like this.

Reply 7 - Posted by: Roy Davis 3/9/2020 7:51:42 AM (No. 340981)
BUY OIL STOCKSSS!!!!!
2 people like this.

Reply 8 - Posted by: Max Bear 3/9/2020 7:53:06 AM (No. 340983)
Our oil industry has become very resilient after years of roller coaster market conditions, and will weather this challenge for the most part. The important takeaway is that lower energy costs help lower the cost of doing business for everyone. I am not hopeful we will see a roll back of the higher costs we saw during the last administration's mishandling of energy policy, but many companies will benefit with lower operating costs.
3 people like this.

Reply 9 - Posted by: 3XALADY 3/9/2020 8:37:58 AM (No. 341026)
Local gas $2.09 but it has been there before, doubt it is because of a price war. Friend says her son in Texas is paying $1.85 a gallon.
1 person likes this.

Reply 10 - Posted by: Strike3 3/9/2020 8:45:09 AM (No. 341033)
OPEC suffering has always been a good thing. Between oil prices and the implosion of Iran, budgets for terrorism are being terribly squeezed.
2 people like this.

Reply 11 - Posted by: ROLFNader 3/9/2020 9:07:10 AM (No. 341057)
Great! The price of gas at the pump should drop about 3 cents per gallon for a couple of weeks.
0 people like this.

Reply 12 - Posted by: MDConservative 3/9/2020 10:24:09 AM (No. 341140)
Oil is a commodity. Its price determined by the marketplace. American oil is not cheap to produce, needing a price of somewhere above $45 or $50 a barrel to be profitable. There are wells all over the US that have been drilled and never tapped, as well as many that have been capped as unprofitable. Prices will drop to draw down inventory...and when that point hits prices will at least stabilize if not rise for consumers. The refiners and retailers aren't going to create a huge pool of excess inventory so the American motorist can drive around cheaply at the companies' expense. Besides that, your car is at least twice as efficient as the ones of the 1960s...it doesn't use much gas relatively. Now, about ANWR...
2 people like this.

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Posted by Ida Lou Pino 3/9/2020 12:09:07 AM Post Reply
Oil prices plunged more than 30% after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war. U.S. West Texas Intermediate crude briefly dropped 32.29% to $27.95 per barrel. International benchmark Brent crude futures also plummeted 29.03% to $32.13 per barrel.
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