CNN headline: OIL CRASHES. PRICE GOES NEGATIVE.

[Demovictory9]

https://www.cnn.com/2020/04/20/investing/premarket-stocks-trading/index.html

no place to store oil drives prices to zero

[zackymilly]

1. Trump said he was gonna drop the price of oil, but this is taking it too far! n/t

[The Velveteen Ocelot]

2. Will the gas station pay me to fill my car's tank?

[denem]

11. I think you have to drive to west Texas.

May not be worth your while

[zackymilly]

3. I'm buying oil now just for the barrels.

I'm painting them orange and selling them to the DOT.

[SoonerPride]

4. Drill, baby, Drill!

I weep for those oiligarchs.

Not.

Fuck them.

Let them drown in it.

[Hoyt]

7. Would be great if it were just the oligarchs hurt. Here's how Texas spends its $2+ Billion oil tax:

"The state's savings account — technically called the Economic Stabilization Fund but known around the Capitol as the Rainy Day Fund — gets 37.5 percent. The Legislature has used the Rainy Day Fund over the years for emergency and one-time expenses, including disaster relief. . . . . .

"Another 37.5 percent goes into the State Highway Fund, which is used for highway construction and maintenance and policing public roads. . . . . . .

The remaining 25 percent goes to the Foundation School Program, a Texas Education Agency-administered fund used for expenses such as teacher salaries, bilingual education and special education. As with the other funds, oil and gas production taxes aren't the only source of revenue for the Foundation School Program: DeEtta Culbertson, a TEA spokeswoman, said 25 percent of all occupation taxes are constitutionally dedicated to public education and are deposited into the program, giving it a total annual revenue of about $1 billion."

https://www.texastribune.org/2018/01/05/hey-texplainer-how-does-texas-budget-use-taxes-oil-and-natural-gas-pro/

This will filter down to counties, the state Medicaid budget, etc.

[SoonerPride]

12. I live in Oklahoma and it is essentially the same.

Too much of the state budget is dependent on a poison.

Like W Virginia dependent on coal mining.

Fossil fuel industries need to die and I hope this hastens their death.

I know it will cause economic hardship and pain, especially in Oklahoma & Texas.

That still doesn't mean I should help subsidize polluters and frackers and rich oilies.

It is poison and poisons the planet.

[ProfessorGAC]

5. Right Here On DU...

...I rebutted the talks with Russia & SA as being window dressing, and that the supposed "10 million barrel cut" was nonsensical window dressing. At that time, they were already pumping 30 million barrels/day of crude nobody wanted.
My contention was they would have to cut because they were running out of room.
Now, after 40 days, they've overproduced by 28.8 million bbl/day. So there is over 1.15 billion barrels already out of the ground.
At normal demand that's 12 days!
17 days at current demand.
Of course the price will plummet.

[procon]

6. They said we needed their oil.

They said we had to be nice to Big Oil or there wouldn't be enough to run the country, so we gave them tax cuts, exemptions, subsidies. We said they could ruin our land, pollute the water we drink and contaminate the soil we grow our food in. Whatever they demanded, we conceded, even letting them destroy the climate and imperil our world.

The price of oil kept going up, and we gave them more perks and more benefits when they complained about their obscene profits. We gave them less regulations and allowed more pollution, and safeguarded them against being prosecuted for the damages they did.

Now look at them. A 6 pack of beer can be had for about the same price as a barrel of oil. Maybe it's time to roll back everything we handed out to Big Oil. They certainly did nothing to earn such generous largess from the taxpayers.

Something to remember when this virus is done.

[milestogo]

8. Will they pay me to put gas in my car?

[Baclava]

9. Fire up new refineries to make sanitizer!

Buy it all up and inject it into old empty wells!

Bring back the Cuda Hemi

[Doreen]

10. Welcome oil companies to how the public feels when you fuck us over.

[Talitha]

13. Can the oil industry force GOP/shitler into finally helping us out?

I've been wondering how far things would have to go before they start doing their job. Hopefully 'big oil' can drag them out to the woodshed for a well-deserved ass-whooping.