Posted on 01/14/2016 1:34:01 PM PST by bananaman22
Where is the cheapest crude oil in the world? And how low can you get that barrel of oil?
WTI has declined to $30 per barrel, the lowest level in more than 12 years. But heavy oil producers in Canada would love to have $30 oil.
The price for a barrel of bitumen, the tar-like oil sands that comes from Alberta, fell to just over $8 per barrel this week. That is not a typo. Bitumen traded at $8.35 per barrel on Tuesday.
In fact, Amazon.com sells oil drums – just the barrel, not the oil – for $78, almost ten times the cost of the actual bitumen. To be fair, that drum holds 55 gallons instead of the industry-usual 42 gallons. But even a 30-gallon barrel – again, an empty barrel – costs 7 times more than the oil sands that would go in it.
(Excerpt) Read more at oilprice.com ...
Soon the barrel will be worth more than the oil.
Texas and Louisiana are in major pain. Energy stocks are going way down.
Even the Middle East will - if possible - be in more chaos.
Russia also hard hit with these prices. Perhaps that’s the point?
LIES!
The world is running out of oil!!! It was a polar vortex or something!
At bucks it already is.
The oil? In the short term, Not so much.
“Texas and Louisiana are in major pain. Energy stocks are going way down.”
It will be interesting to see what John Bel “Sloth” Edwards will do with this going on. We are preparing our rectums for tax increases here.
Luckily a barrel is just a unit of measurement and not really the way oil is sold or transported.
Vitter and the GOPe screwed us on that one. Was an easy win for any reasonable Republican candidate. We got Vitter - who ran a terrible campaign. Horrible.
To be fair, that drum holds 55 gallons instead of the industry-usual 42 gallons.
Plus, you can convert the barrel into either a BBQ grill or a smoker.
I find a lot of value in that.
Or two fire pits...
Many folks don’t understand that there is a multitude of qualities of crude oil sold at significantly different prices.
https://www.fhr.com/refining/bulletins.aspx
How about a 25.00 per bbl tariff on imported oil?
have you priced barrels? They are durned expensive- perhaps they should store the oil in ziplock bags instead, that way the price will drop even more :)
Dont forget Oklahoma. Oil people i know and speak with cast a lot of blame on Obama lifting the oil embargo on Iran. It is, along with other factors, destroying the oil industries. Along with Conservative states, which is a bonus for Obama.
Tire companies must really be cashing in on the low oil prices
as tires are made of it. Haven’t read of them dropping prices. If cheaper gas is resulting in more driving, tires should be wearing quicker.
Next it will be bags of oil.
Another thing I’ve wondered about is why motor oil prices haven’t dropped like they should have.
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