Hi guys.
Had this pushed into my news app.

US oil prices falls below zero as storage capacity runs out

https://f7td5.app.goo.gl/1YxYBq

Not sure what it means...
However, it means the fuel companies are gonna pay me £1.10 a litre to fill up my cars, I'm all for it,  2003 Range Rover Vogue 4.4 on Gas
1961 88" 2.25 diesel - George
Gone - 1997 3.9 V8i Discovery - Burt

The contract ends tomorrow, no one has anywhere to store the oil if they buy it, it'll change after the contract runs out tomorrow and maybe will repeat at the final day of the next contract, unless there's further cutbacks of production or trump buys oil still in the ground from us companies forcing them to stop producing....

This will hurt everyone- green or not, cheap oil stops the climate gate change to electrification dead and puts the whole oil and gas industry at risk, safety will slip and life’s will be lost along with massive job losses.

We will all feel this what ever your ideology.

I, along with 1000’s of others in the UK, was sent home on standby when WTI was $22 per barrel. With WTI now in negative territory I wonder if I will ever work in the industry again 🙁

To give you an idea of where we are in relation to the PPB in 2015/6, during the last downturn in oil & gas, WTI dropped to $27. This resulted in around 250,000 folk losing their jobs in the sector.

Jim

I worked for an investment bank in 2008 - we had similar thoughts - There will likely be some losses, but things will pick back up again.

The pace of the recovery is the hard one to predict - when will planes be flying, factories back up & running, people commuting to work - but it will recover - maybe not all the way straight away - but it will recover

I have just retired from 35 years in the oil industry, offshore UK is now in a race to the bottom, I see a move to 4 weeks on 4 weeks off contracts as well as reduced terms and conditions, the glory days are gone and I fear they will not ever be back.

Agreed, after 14 years in O&G both on shore and offshore, I see the race to the bottom. That’s why I mentioned safety taking a hit, it was on the wash down anyway. 4 on, 4 off is terrible for yea and safety, I used to do 2 on, 3 off and that was hard on health.

Yes consumption will pick up but at a reduced level, there will be a percentage of people who won’t want to travel often this crisis plus the millions out of work globally and people’s long memories will bring back consumption and spend in the short to mid term.

I am glad I am out of this, O&G used to be a great place to work post the 60’s, 70’s and 80’s and the poor safety ethos in that time period. There will always be a downward pressure on staff levels, pay and standards now plus the sad view of O&G workers in a bad light by much of the media and public not realising what good has come from and continues to do for everyone’s life from petrochem’s.