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Well, the oil industry is in a depression. We will have to see how that goes within the full economy. Of course, retail is starting to move in that direction. I think Russia may very well fall into a depression.
retail dead
restaurants dead
airlines dead
oil dead.

lotta things working against the economy restarting effectively. assuming the banks keep their unlimited money from the fed we might stand a chance.
 

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If your buddies are on the Upstream side, they are fucked.
Not looking forward to how this plays out. I figured we hadn't seen the tip of the iceberg yet and this is confirming that.

I work for one of the larger field service providers and we've been furloughed for the next couple months and last week while i was out we apparently had a decent round of layoffs within our division, multiple field service facility closures, etc.
 

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It will be shitty for some time. Then it will swing hard high, just a matter of when. Never as easy to open the spigot as close it.
 

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It also means that those who have contracts to buy have no where to store it. Those who have contracts to buy next month again will have no where to store it, thus the negative price.
Pretty sure this is also how we got those stupid high oil prices of $147 a barrel in 2008.

I'm not so sure it should even be legal to sell the stuff to someone who can't store it but it will never be my personal problem so meh.
 

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Not looking forward to how this plays out. I figured we hadn't seen the tip of the iceberg yet and this is confirming that.

I work for one of the larger field service providers and we've been furloughed for the next couple months and last week while i was out we apparently had a decent round of layoffs within our division, multiple field service facility closures, etc.
Buddy of mine still works for Big Red as a cementer. He's expecting that or the boot any day now.:(

Hope your job manages to stay intact even though you're not making money now.
 

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Just got a message from one of my buddies. He’s expecting to be laid off. He says that they’ve got 300 tanker sitting offshore that I can’t bring in because there’s no tanks to store it.
 

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You still have to process it, so downstream won't be affected yet. The problem we will run into is where to put it all. I hear that we are at about full storage capacity, unless they start filling peoples pools with it, what do you do?

If your buddies are on the Upstream side, they are fucked.
Most of them are frac, they're screwed.
 

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Discussion Starter #148 (Edited)
what refineries are closing? Philly, NY harbor, and surrounding area is still hopping. PBF, P66, Motiva, Shell, are all still moving cargo. I've been nonstop in the 3 weeks I've been back at work. So downstream (up here anyway) hasn't been affected yet that I can see. Not sure about the rest of the US.
I heard about several in California. They notified their rental companies.
 

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Discussion Starter #149
I work for one of the larger field service providers and we've been furloughed for the next couple months and last week while i was out we apparently had a decent round of layoffs within our division, multiple field service facility closures, etc.
Who do you work for? We rent tools to slb and hal.
 

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Too bad that ethanol shit in the gas makes it shit to store for long term. I'd be buying and storing hundreds of gallons.
 

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Too bad that ethanol shit in the gas makes it shit to store for long term. I'd be buying and storing hundreds of gallons.
store it full and tight, ethanol sucks the water out of the air to dilute your gas for emissions reason (or some shit :flipoff2: ) so if you store a large quantity, like a drum, and seal it tightly so the air, and moisture in it, can't transfer, then it will last much longer.
 
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