Oil prices nosedive

[edward willis]

Originally Posted by +Ruff Rider

Diesel here in the Great Tax State of California hasn't budged one cent.

Not one penny!!!!

[+Ruff Rider]

Originally Posted by edward willis

Not one penny!!!!

Nope. The governor here is a greedy bastid He is just like King Midas. Whats yours shall be mine. If you have lots than more for him LOL

[ctbruce]

Paid $1.97 for diesel this afternoon. Regular unleaded was $1.95. Smallest delta between the two in over 2 years if my memory is to he trusted.

[Gegrad]

Originally Posted by ctbruce

We want electric cars because they are clean and renewable. But the batteries take a lot of fossil fuel to produce and they can't be recycled. So just a different pollution.

Just to clarify Chip, the batteries CAN be recycled. It is expensive and energy intensive to do so, but they can be recycled as opposed to disposal.

[Roscommon48]

Everyone isn't happy....my oil stock went from a high of $15 to under $5.00. Oh well, life goes on.

[flybouy]

Originally Posted by Gegrad

Just to clarify Chip, the batteries CAN be recycled. It is expensive and energy intensive to do so, but they can be recycled as opposed to disposal.

I look at battery powered cars light glow sticks, when they stop producing power throw the whole thing way. In most instances when the battery needs replacing the cost exceeds the value of the car.

[LHaven]

Originally Posted by gearhead

But hey, gasoline prices will go down.
Everybody happy now??

Getting so, so tired of the feckwit pundits who immediately follow this announcement with, "...and this is why this means trouble for you!"

[jsmith948]

Huh - I don't have any stock - oil or otherwise.
Worked all of my life and am retired with a good Teamster pension.
The cost of diesel here in central Cal has gone down about $0.55 per gal at Costco in the past 3 or 4 months or so.
I'll take the cheaper prices - thank you very much.

[msubobcats]

I seriously had been expecting our prices here to drop a bit. I think I have seen a $0.02 drop. Costco is $2.24. Still really early so ghessibg it will go down soon...

[flybouy]

Originally Posted by jsmith948

Huh - I don't have any stock - oil or otherwise.
Worked all of my life and am retired with a good Teamster pension.
The cost of diesel here in central Cal has gone down about $0.55 per gal at Costco in the past 3 or 4 months or so.
I'll take the cheaper prices - thank you very much.

While you may think you're pension is untouchable and unaffected by the stock market I wouldn't count on it. While there are literally hundreds of Teamsters Pension plans check out this one in Pittsburgh . https://www.post-gazette.com/busines...s/201907190085

When Hoffa went into Vegas with the mob he nearly bankrupted the pension. Everything in the economy except money you hide under you're mattress is in one way or the other affected by the stock market. And while the money under you're mattress may not physically disappear in a stock market crash the resulting runaway inflation will make it virtually useless.

I'm not an economist by any means but it amazes me how so many "Young folks" are so anti oil and coal and don't even realize how much of their 401Ks or retirement benefits are tied into that stock.

[sourdough]

Originally Posted by flybouy

While you may think you're pension is untouchable and unaffected by the stock market I wouldn't count on it. While there are literally hundreds of Teamsters Pension plans check out this one in Pittsburgh . https://www.post-gazette.com/busines...s/201907190085

When Hoffa went into Vegas with the mob he nearly bankrupted the pension. Everything in the economy except money you hide under you're mattress is in one way or the other affected by the stock market. And while the money under you're mattress may not physically disappear in a stock market crash the resulting runaway inflation will make it virtually useless.

I'm not an economist by any means but it amazes me how so many "Young folks" are so anti oil and coal and don't even realize how much of their 401Ks or retirement benefits are tied into that stock.

To piggyback on what Marshall said, I would just point out another aspect of a "pension" that many depend on and consider it part of it; medical insurance and their premiums. In my life part of the bargained for benefits was company paid healthcare. Toward the end (right prior to my retirement), we went into a merger (reverse buyout) and became a different company - bargaining contract still intact. Retired for about a year and a half and got a certified letter in the mail advising I was being sued by the new company over my healthcare benefits. In a nutshell it was a preemptive strike to assure all retired employees could not sue the company when they removed our healthcare benefits....and they did. It then cost me $1600 per mo. that was not in our retirement planning. Thankfully we could cover it but for many that would be devastating. And, many of those plans are heavily invested as well. I've seen several pension plans go belly up in my life.

[rlh1957]

Enjoy while its low, bank the difference and save, save, save.
Again you will see the unhappy side of $3.45/gallon. Always dies.

[gearhead]

I am happy to pay a price that a competitive company makes a decent profit on. If it costs $40 a barrel to lift oil I don't mind the reasonable cost of fuel.
What I don't want is to see Saudi or Russia in the position to put a choke hold on our economy. We are discovering that China produces a big percentage of our medicines. There seems to be agitated voices saying we need to fix that. Of course we do.
The only reason we got to be the worlds biggest oil producer is that the price of oil got high enough to spur the creative genius of oilmen, mostly George Mitchell. Fracking has been around a long time but combined with horizontal drilling and multiple drill sites in very close proximity has got us to number 1. Do they have issues? Yes, mostly their financing methods.
Give me $60 oil everyday all day. Y'all want to drive disposable cars powered by batteries with components mined by children in third world countries it's on your conscience.

[gearhead]

Originally Posted by jsmith948

Huh - I don't have any stock - oil or otherwise.
Worked all of my life and am retired with a good Teamster pension.
The cost of diesel here in central Cal has gone down about $0.55 per gal at Costco in the past 3 or 4 months or so.
I'll take the cheaper prices - thank you very much.

I doubt there is a pension plan in the country that doesn't include stocks. I would imagine the actuarial gurus are freaking out trying to determine when the market losses and the reserve values cross paths and they are looking for a window to jump out of.

[JRTJH]

Originally Posted by gearhead

...
Give me $60 oil everyday all day. Y'all want to drive disposable cars powered by batteries with components mined by children in third world countries it's on your conscience.

I agree !!! Give me a Coleman "white gas lantern" over a battery operated one any day.... Same with cars, truck, motorcycles and ATV's/UTV's....

[flybouy]

Originally Posted by rlh1957

Enjoy while its low, bank the difference and save, save, save.
Again you will see the unhappy side of $3.45/gallon. Always dies.

Years ago on the cusp of a huge surge in oil prices a struggling new airline company spent a great deal of their capitol on jet fuel. It was a huge gamble that could have ended in bankruptcy. The oil prices shot up and all the other airlines had to substantially raise fares. All but one, Southwest. That was the year they grew and became a dominate airline. I was happy to see the US Government buy up several billion dollars worth of cheap OPEC oil and stock it away in the oil reserves. It didn't get a lot of attention but to me it was the same sort of irony like the CIA buying up the Titanium from the Soviet Union to build the SR71 Blackbird to spy on them during the cold war.

[gearhead]

Ah yes, Southwest Airline. Previous name was Trans Texas Airline, TTA. Also nicknamed Tree Top Airline.
Sounds like we will be buying low priced oil to fill the Strategic Reserve.

[gearhead]

Originally Posted by JRTJH

I agree !!! Give me a Coleman "white gas lantern" over a battery operated one any day.... Same with cars, truck, motorcycles and ATV's/UTV's....

I never had a battery lantern last more than a year. But I have a white gas Coleman lantern that must be 50 years old.
Burned some diesel and gas yesterday. Three hour drive to Louisiana to mow the family cemetery for four hours, and 3 hours back. Felt like an all day project, and it was. 20+ gallons of diesel and 3 gallons of lawnmower gasoline. When I got home, a bathtub full of hot water and 2 glasses of bourbon.

[JRTJH]

Originally Posted by gearhead

…
When I got home, a bathtub full of hot water and 2 glasses of bourbon.

Can't call bourbon "alcohol free" but you sure can get "gassed" on it.

[gearhead]

Yeah, I wonder what the carbon "load" of grain alcohol is.