If the goal of the Saudis or Russians is to crush the US oil industry, we need to give them the finger by immediately taxing the shit out of imported oil.

quote:

Originally posted by old rugged cross:
I all for drilling and becoming energy independent or more independent. But the process of fracking is not something I support.

I like low oil prices.

And there is a lot of things the oil industry say's and doe's that manipulate the price.

So if some of the manipulators want to manipulate the price lower and that bothers some of their industry bedfellow's. That does not bother me one bit

I agree oil companies are in it to make a profit. That's what investors want.
But when these anti energy groups oppose everything, drilling offshore, fracking, basically all energy production.
But its ok to clutter hundreds of thousands of acres with Chinese solar panels that work when the sun shines. Or Chinese wind mills that produce energy when the wind blows.
And personally I don't see a thing wrong with fracking, they follow every regulation the government requires. Its ok for wind mills to chop up birds but if a sparrow gets in a mud pit at a drill sight they get fined.

quote:

Originally posted by Jimbo54:

quote:

Originally posted by ChuckFinley:
Stock market isn't what I do for a living.
Why is a substantial increase in the global supply of oil bad for the market overall?

The goal of the Saudis is to stop fracking in the US because it keeps the overall price of oil down globally. This new fight with Russia will make fracking unsustainable at current prices and the industry creates roughly 10.3 million jobs. That is why the market is reacting to the sudden drop in the per barrel price. It could have a huge impact on our economy.

P.S. I see jimmy123x beat me to it. I'll just leave my post anyway.

Jim

It's part of it.

However, let's not forget that Iran is getting hammered by sanctions and corona virus is running through their cabinet and parliament. Also, Iran is 90% Shia and Saudi Arabia is 85% Sunni. Sunnis aren't above kicking Shia when they're down, and Saudi Arabia is making a regional power play.

quote:

Originally posted by Balzé Halzé:
For those of us who work in the energy field, particularly the crude oil and refinery market, the talk of cheaper gas at the gas pump as some kind of consolation doesn't exactly make up for the anxiety many of us are feeling today.

Sucks when it affects you doesn't it? You're probably just having a silly overreaction and need to snap the hell out of it like you advised everyone earlier in this thread.

quote:

Originally posted by kr350psd:
Its ok for wind mills to chop up birds but if a sparrow gets in a mud pit at a drill sight they get fined.

Those windmills are not airplane propeller's

And I hate what they did to the Columbia river gorge with all the windmills. It is a travesty imho.

And I am not against drilling for oil or generating electricity with wind.

quote:

Originally posted by Eric.Stober.SLC:

quote:

Originally posted by Balzé Halzé:
For those of us who work in the energy field, particularly the crude oil and refinery market, the talk of cheaper gas at the gas pump as some kind of consolation doesn't exactly make up for the anxiety many of us are feeling today.

Sucks when it affects you doesn't it? You're probably just having a silly overreaction and need to snap the hell out of it like you advised everyone earlier in this thread.

Dude, why be so rude?

TatorTodd makes a lot of additional sense, thanks!

SLC on the other hand

quote:

Originally posted by dave7378:

quote:

Originally posted by Eric.Stober.SLC:

quote:

Originally posted by Balzé Halzé:
For those of us who work in the energy field, particularly the crude oil and refinery market, the talk of cheaper gas at the gas pump as some kind of consolation doesn't exactly make up for the anxiety many of us are feeling today.

Sucks when it affects you doesn't it? You're probably just having a silly overreaction and need to snap the hell out of it like you advised everyone earlier in this thread.

Dude, why be so rude?

If you've read all of the previous posts, it's kind of deserved.

quote:

Originally posted by dave7378:

quote:

Originally posted by Eric.Stober.SLC:

quote:

Originally posted by Balzé Halzé:
For those of us who work in the energy field, particularly the crude oil and refinery market, the talk of cheaper gas at the gas pump as some kind of consolation doesn't exactly make up for the anxiety many of us are feeling today.

Sucks when it affects you doesn't it? You're probably just having a silly overreaction and need to snap the hell out of it like you advised everyone earlier in this thread.

Dude, why be so rude?

Maybe because those of us who have things to lose in a market downturn are concerned and pissed by everyone blowing off concerns. Maybe I don't die, but I have to postpone goals and drain savings, no big fucking deal right?

Maybe I actually care about being directly affected by market dowturns, maybe I get sick of people saying more people die of the flu while it affects my pocket book.

quote:

Originally posted by Skins2881:

quote:

Originally posted by dave7378:

quote:

Originally posted by Eric.Stober.SLC:

quote:

Originally posted by Balzé Halzé:
For those of us who work in the energy field, particularly the crude oil and refinery market, the talk of cheaper gas at the gas pump as some kind of consolation doesn't exactly make up for the anxiety many of us are feeling today.

Sucks when it affects you doesn't it? You're probably just having a silly overreaction and need to snap the hell out of it like you advised everyone earlier in this thread.

Dude, why be so rude?

Maybe because those of us who have things to lose in a market downturn are concerned and pissed by everyone blowing off concerns. Maybe I don't die, but I have to postpone goals and drain savings, no big fucking deal right?

Maybe I actually care about being directly affected by market dowturns, maybe I get sick of people saying more people die of the flu while it affects my pocket book.

More people will likely die of the flu, but if the GDCs in the Lame Stream Media are successful, the PANIC surrounding SARS-CoV-2 may cause infinitely more economic disruption and pain.

Anything to hurt Trump. No evil is too vile. USA is truly at a crossroads and it's a demolition derby. I'm praying to God for divine intervention and I'm keeping my rifle clean.

quote:

Originally posted by doublesharp:
Anything to hurt Trump. No evil is too vile. USA is truly at a crossroads and it's a demolition derby. I'm praying to God for divine intervention and I'm keeping my rifle clean.

Let me correct that for you:
Anything to hurt AMERICANS. The democrats don't care if they hurt the entire country, just so long as they win the nomination with one of their 2 incompetent nominees. To the democrats, the end game justifies any mean. Look at Pelosi and the only way she'd fund the Coronavirus was by packing the funding along with 3x as much money in graft.

What the Democrats FAILED to learn in the 2016 election, is that they are still working for the people of this country and not each other (politicians). And the people of this country got fedup and went and voiced their opinion at the voting box. AND, even with all the illegal votes the DEMs packed in the voting boxes, Trump still won. And, here we are 3.5 years later and they still haven't learned, that the people aren't buying the BS they're selling. If they went a little more to the middle, if they worked the past 3.5 years to actually pass things that made the country better, rather than fighting them tooth and nail if it didn't personally benefit them, I honestly think they might have an actual chance, but right now, no way.

^^^^
yeah, that's what I meant to say.

Let me start with a slight thread drift----------------

Everyone with two synapses to rub together is on edge. This is going to get worse before it gets better.

I would like to urge people here - in aggregate, probably the best folks of the Internet - not to go personal. This is a time where stress and emotions are playing hardball with us all.

If there were a SIGforum VIX index of hypersensitivity - a 'bendable number', if you will - it would be off the charts, and heading upward.

I would like to think of our late Jim Allen (JALLEN) keeping watch from on SIGforum's financial-related discussions, and remaining proud of the caliber and the tone of the discussions.

-------------------------
Sorry for the slight drift. I am not a moderator, much less 'the boss', so this is just one member's view.
-------------------------
Anyway, today's news about the impact of an innocuous business meeting at Biogen would seem to demonstrate that 'business as usual' has run out of gas. WSJ: How Biogen’s Strategy Meeting Spread Coronavirus in Massachusetts and Beyond They had their corporate meeting, did the usual corporate-meeting stuff, and, as summarized by the second headline:

quote:

The meeting for senior managers has been linked to the spread of infections to more than two dozen people around the U.S.

Now, I don't blame Biogen, and that's not the point of this. The point is, they did 'business as usual' and spread it widely.

I think that the takeaway here is that either:
1) 'business as usual' will have to stop - and stop quickly- or
2) the spread will peak very high and very fast.

Either of those would impact the market. The second more than the first, obviously.

At this point, it is not 'panic', but rather good sense, to call off conferences, gatherings, meetings, customer visits, and the like.

Would this be a good time to start looking for a minivan rather than June-July?

quote:

Originally posted by mikeyspizza:
If the goal of the Saudis or Russians is to crush the US oil industry, we need to give them the finger by immediately taxing the shit out of imported oil.

Not a bad idea for a number of reasons:

The Russian and Saudi economy are based on oil much more than we are. If this goes on for long they will be under extreme pressure and it will limit the money they can spend on foreign adventures.
The Russians economy is already in a dire situation that doesn't get much press here in the US.
Iran is in a similar bad situation as Russia but has even worse problems right now with the virus itself. Squeeze those pricks anyway we can.
Venezuela? They've fallen off the radar lately but pushing Maduro closer to a cliff works for me. They also depend on help from Russia to keep their crap going.
Ditto Cuba. Except the don't produce but benefit and depend on those that do.
Our treasury will need some dollars as this will hit us too.
Even the environmentalists should like the idea. If oil goes low, people will use more of it and they claim that's what they don't want. I suspect a lot of this is an anti-capitalist mentality but this should shine a light on that for anyone objectively watching the leftists. That's good too.

quote:

Originally posted by PASig:
Would this be a good time to start looking for a minivan rather than June-July?

I'd watch for the next month or so to see what incentives manufacturers start offering. My wife and I are a data point of one, but we test drove a new vehicle two weeks ago, then the market tanked. We're going to wait and see. I doubt we are the only ones.

quote:

Originally posted by PASig:
Would this be a good time to start looking for a minivan rather than June-July?

If you'd like, I can flip a coin for you. All crystal balls are now on strike.

Seriously, if I were in your shoes I'd wait. In the short term it could get much worse. On the other hand, long term we will be back to normal as it always does after market turmoil and societal upheaval . Always!!

Jim

In the short term it gets better or it gets worse. In the long term it gets better. It may not be the same as it was, but it will get better. The rub is who will be around when it gets better, and how the decisions people make now effect the position they will be in latter. Panic selling is rarely the best option long term. Panic in general is rarely rewarded.

Selling ones portfolio now to buy toilet paper will most likely not prove to be a sound course of action in the long term.

quote:

Originally posted by Eric.Stober.SLC:

quote:

Originally posted by Balzé Halzé:
For those of us who work in the energy field, particularly the crude oil and refinery market, the talk of cheaper gas at the gas pump as some kind of consolation doesn't exactly make up for the anxiety many of us are feeling today.

Sucks when it affects you doesn't it? You're probably just having a silly overreaction and need to snap the hell out of it like you advised everyone earlier in this thread.

Where did you get the impression that this hasn't been affecting me all the while? You see, that's the thing. It's been affecting me through this whole hysterical episode just like it's been affecting damn near everyone. That's why I'm ranting about what I believe is totally irrational behavior to something that, yes, should be taken seriously, but not to an extent that is completely non-proportional to the threat.

People are losing their jobs, companies are going bankrupt, people who were looking to retire this year may now have to rethink that due to the nonsense in the market (and I actually work with someone exactly in that position), and all of that is due not to people actually getting sick with Covid-19 but to fear and panic mostly perpetuated by the media and Democrats.

And just an hour ago I got word that the conference I was to attend next month is now canceled. I mentioned this earlier that I feared it would be nixed, and now it has. Normally I actually wouldn't mind, but I have an entire trip booked with my family based around going to this conference. That's going to be a personal and financial inconvenience, not really a huge deal, but it still sucks. It sucks even worse for the companies that will now lose my business. Multiply that by thousands and people (employees) are truly hurting from this hysteria.

As far as the oil markets, your Schadenfreude, sir, is misplaced. And for a member with only seven posts and a few months on the forum, it was an especially bold and immodest gesture on your part.

quote:

Originally posted by jimmy123x:

If you've read all of the previous posts, it's kind of deserved.

Shame on you, Jimmy.