Posted on 04/24/2020 6:14:19 PM PDT by MeneMeneTekelUpharsin
NEW YORK (Reuters) - U.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy debt loads while engulfed in the worst crisis the oil industry has faced.
SNIP
About half of the top 60 independent U.S. oil producers are in danger of restructuring and will need to find ways to boost their cash pile, according to energy lawyers at Haynes and Boone.
SNIP
Demand, however, is down by roughly 25% in the United States, and oversupply is expected to linger for months. An April survey of energy producers by the Federal Reserve Bank of Kansas City found nearly 40% would be insolvent within a year if oil prices remained around $30 a barrel. U.S. crude prices closed under $14 a barrel on Wednesday.
(Excerpt) Read more at reuters.com ...
I didn’t want to chase the USO...it’s a complex ETF.
I HATE that this is happening but what do any savvy FReepers suggest to make a few bucks in the situation...even if we shouldn’t pull the trigger yet?
YES, I would rather make nothing and have things as they were. But I have no such power.
So...
This is the first ever intentional depression.
You don’t suppose the George Soros’s of the world will swoop in to commandeer the US energy industry, do you???
Well one state is fully open and many will start...let’s hope we can get things back together.
But it will do down as the biggest farce (at least 2 million were going to die in the US) in history, or one of thee biggest.
There’s sickos here that get excited when a few more die to prove their point...I pity them.
Truth is the cure was FAR WORSE than the disease.
My mom is 87 and she said if we kept the economy open and this virus had taken her and spared us this utter catastrophe, she would have been at peace with that.
That’s called self sacrifice.
Surprised at how many here and everywhere were/are so terrified of that word.
Which State is fully open?
I like to know how pure gas drillers, processors and pipelines situations might be any different from the oil sector, if at all. Of course, there’s a lot of overlap, but gas doesn’t face the International market quite like oil does.
It appears that way. That's why I have often posted some people need to be punished for ruining peoples' lives.
I hope you didn’t have any USO - that thing is (was) a billion dollar scam. The shorters got very rich this week.
I’m not giving you advice, but I have PDCE, performing nicely and has the cash and credit lines to ride out the storm.
Your mileage may vary...
So amazing that after years of making big money. They are broke after two months. At least the government should audit to see where all those billions went.
But the activity in the LNG industry will continue to rise as the demand for clean air increases, worldwide.
Democrats love this.
end the lockdowns.
24 Apr: Washington Times: Michael Moore turns on climate left with film skewering green energy
‘Planet of the Humans’ released on Moore’s YouTube channel for Earth Day
by Valerie Richardson
Left-wing filmmaker Michael Moore is under attack from his putative climate allies with a newly released documentary taking on one of the sacred cows of the environmental movement: green energy.
“Planet of the Humans,” released this week free of charge on YouTube to coincide with Earth Day, argues that replacing fossil fuels with renewable energy is not only a pipe dream, but that solar arrays, wind farms and biomass are doing enormous damage of their own to the environment.
The blowback from the left was immediate...
Free-marketers are unlikely to endorse the film’s proposed solutions — population control and drastic reductions in consumption — but that doesn’t mean they haven’t enjoyed seeing Mr. Moore reiterate their talking points on green energy’s drawbacks.
Quipped the Competitive Enterprise Institute’s Myron Ebell: “‘Planet of the Humans’ should really be titled, ‘The Luddite Left Eats the Climate Industrial Complex.’”
“If global warming is really a problem, the solution can’t possibly be windmills, solar panels, burning biomass, and battery storage,” said Mr. Ebell, director of the CEI Center for Energy and Environment. “Climate and energy realists like CEI have been making these points for years, but now that leaders of the extreme anti-human, anti-industrial environmental fringe have reached the same conclusions, perhaps more people will start to pay attention.”
Heartland Institute senior fellow Anthony Watts, who runs the skeptical Watts Up With That website, hailed the film as an “epic take-down of the left’s love-affair with renewables by one of the left’s most known public figures.”...
https://www.washingtontimes.com/news/2020/apr/24/michael-moore-turns-climate-left-film-skewering-gr/
“I have often posted some people need to be punished for ruining peoples’ lives. “
Like Anthony Fauci for his role in the silencing of Dr. Judy Mikovits and burying her data that the vaccines AND blood supply were/are contaminated with a retrovirus that is the causative agent for so many serious human illness and deaths?
https://www.youtube.com/watch?v=8Y_Mn3LbBfk
This is what it is all about. Greenies killing the energy sector, driving Americans into government reliance, and they race in to “save the day” with “free money” and benefits.
The only energy I’m in is propane service and a midstream natural gas company. Both pay ridiculous dividends, and are not tied to commodity pricing. However the market lumps them in with commodity prices, which is an error and makes for opportunity. See SPH and AM.
“Which State is fully open?”
One of the Dakota’s; governed by a lady named Noehm.
This is not good news. With less production capability then a while after the economies in the world open back up then there will be an oil shortage. Expect prices to be higher than they have ever been.
Consider it a reverse Tsunami.
Refer to etfdb.com
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