Analysts at Goldman Sachs have warned the coronavirus shock is “extremely negative for oil prices and is sending landlocked crude prices into negative territory.
With all this negative news about corona virus, YAAAAY!
From the article:
“It could get to the point where just bringing the oil to the market will exceed the value.”
The first rule of holes is when you find yourself in one, stop digging.
Meanwhile the idiotic Government of Alberta announced a 1 billion fund to invest in a pipeline so as to take the dirty tarsands oil to market. This stuff is approaching negative price territory and every barrel produced consumes as much energy as the barrel of oil itself produces.
This enterprise would not be viable in a true “Free market” and Kenney, the Premier of Alberta always claims to be a champion of “the free market”. Take that billion dollars and those 10s of billions of dollars used to subsidize tarsand oil and invest it in sustainable green energy .
If, and when this ends, let’s make an effort to stay off the roads and bring these oily bastards to their knees.
No one wants to be the first to stop pumping. Like always, kick the barrel a bit farther down the road. This will eventually have catastrophic effects on the opec oligarchy as their citizens starve, and their underpaid slaves repatriate to Philippines, Ghana and other ‘slave’ producing states.
It might actually become a fixture, working more from home more. Less transportation cost for the employee, less office upkeep costs for the employer. Kids, well, some kids, are studying well at home online. Kids need to go to school and workers need training, but more at-home seems a good thing.