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Oil Prices Set For Worst Weekly Plunge In Four Years
Oilprice.com ^ | 02-28-2020 | JayJay

Posted on 02/28/2020 9:27:34 AM PST by bananaman22

Oil prices sank for a sixth consecutive day early on Friday and were on track for their biggest weekly drop in more than four years as the coronavirus outbreak continues to roil global equity and oil markets.

At 10:53 a.m. EST on Friday, WTI Crude was plunging by 5.92 percent at $44.30, and Brent Crude was down 4.58 percent at $49.36, after falling briefly below $50 earlier today.

The sell-off on the oil market has continued for more than a week as the coronavirus spread quickly outside China—to Europe, the Middle East, and as of recently—Africa.

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy
KEYWORDS: coronavirus; oil; oildemand; oilprices
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To: Alas Babylon!

Oilprice.com is staffed by alarmists. They scream that we are either at peak oil or the price is too low.


21 posted on 02/28/2020 10:37:13 AM PST by wildcard_redneck (If the Trump Administration doesn't prosecute the coup plotters he loses the election in 2020)
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To: bananaman22

Along with everything else in the market.


22 posted on 02/28/2020 10:46:51 AM PST by Old Yeller (Auto-correct has become my worst enema.)
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To: Alas Babylon!

Something weird is up locally. Three weeks ago Kroger was $1.93 a gallon, this afternoon $2.29.


23 posted on 02/28/2020 10:53:24 AM PST by sarge83
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To: jonascord

Yep, and of course the low gas prices will give states the incentive to raise taxes on gasoline.


24 posted on 02/28/2020 11:02:07 AM PST by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: bananaman22
Hold steady. Just part of an over-all stock retrenchment before the run up to 4000.
THEN, bail out into low-risk.
25 posted on 02/28/2020 11:53:20 AM PST by Psalm 73 ("You'll never hear surf music again".)
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To: bananaman22

Even the stations in California are experiencing drops in pricing lately.


26 posted on 02/28/2020 12:44:28 PM PST by RayChuang88 (FairTax: America's Economic Cure)
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To: bananaman22

Oddly this is okay.

The USA sits on vast reserves of shale oil and even greater reserves of natural gas. Some years back the break even for shale oil was about 100 dollars a barrel and the price at that time for oil was well over this. We found a lot of oil and the price declined. Many companies went out of business as in bankrupt. Those that remained became leaner and meaner and fracking continued.

This is how capitalism works. It delivers the public oil and natural gas at the cheapest price that economics dictates.

All that shale oil is in the ground. It will be extracted based on economics.

Capitalism works.


27 posted on 02/28/2020 3:10:41 PM PST by cpdiii ( canecutter, deckhand, roughneck, geologist, pilot, pharmacist THE CONSTITUTION IS WORTH DYING FOR)
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