Oil Crashes Below $1/Barrel

[3Phase]

How long until we get trickle down prices of Pennies/Quarts for engine oil?


.
"Historic day for oil markets as WTI crude crashes below zero for first time
'Market forces will inflict further pain until either we hit rock bottom, or COVID clears, whichever comes first'"
.
https://business.financialpost.com/commodities/energy/oil-drops-to-21-year-low-with-storage-filling-as-demand-shrivels

[Radioguylogs]

How long until we get trickle down prices of Pennies/Quarts for engine oil?

...and subsequently the price of tires?

[3Phase]

I'd have to guess it's only at most a few gallons of oil for a huge (HUUUGE) motorcycle tire so the manufacturers will almost have pay us to come and get their tires.


"... just how much oil does it take to create a single car tire?
According to the Rubber Manufacturer’s Association (RMA), it takes about seven gallons of oil to create a standard car tire."

[URL="https://blog.bestusedtires.com/how-much-oil-make-one-car-tire/"]
.
How Much Oil Does It Take To Make One Car Tire?
April 19, 2016
.
https://blog.bestusedtires.com/how-much-oil-make-one-car-tire/

[MaximPhil]

Because i wanted to know..... A barrel is 42 US gallons the measure dates from the 1400's King Richard III made it the standard measure for wine.
Adopted by Pennsylvania for Oil and has remained ever since.
Car Tire needs about 7 gallons but is a very small portion of what crude breaks down into.
Approx 50 % gasoline Approx 18% Diesel and Jet fuel which leaves the rest for all the other things we make from it.
Lube is the smallest at less than 1%
So I doubt it will stay low enough for long enough to affect the selling price of tires or lube oil.

Tyres and Petrol will suffer the same fate

I wonder where all the super tankers will drop anchor to wait for the price to rebound. Don't feel sorry for the speculators who have been robbing us for years.

Phil

[madmax-im]

According to AP News Traders are still.paying $20.42 for a barrel of crude....The real problem is theres no place to store anymore as we are filled up..no demand..no useage.....

[madmax-im]

The price of gas here is currently at $1.35 for REG -UNLD...

[3Phase]

I haven't looked at the local price for gas here.

If I weren't already starting to think about conserving resources like TP and tinfoil that I won't be able to buy if the fiat dollar tanks then I'd put on a tinfoil hat and mumble about the Chinese and interesting times for self-inflicted conspiracies and the petrodollar.

[donebysunday]

gas

The price of gas here is currently at $1.35 for REG -UNLD...

$1.05/9 in Milwaukee, heard it's .99/9 somewhere but have not seen it

[3Phase]

$1.05/9 in Milwaukee, heard it's .99/9 somewhere but have not seen it

The whole enchilada is apparently going to permanently ruin some wells and possibly entire fields because you can't just stop pumping (shut in) a producing well, then start it up again.


.
Why do oilfields take damage when production is paused?
Walter Faber April 21 in Oil (General)
.
https://community.oilprice.com/topic/13571-why-do-oilfields-take-damage-when-production-is-paused/

[thebottle]

$1.05/9 in Milwaukee, heard it's .99/9 somewhere but have not seen it

Saw it down to $0.95 up here in Appleton for a good week, but it's bounced back between $0.99-1.05 now.

I had not the slightest bit of idea how much this virus would effect both health and economy when I first started hearing about it; it's astounding.

[alaskey2]

I haven't bought any gasoline in at least a month.

[bikerphil]

It's $1.79 for reg. down here, been riding 100 miles a day for the last month. Fresh air helps for good health. Not as many cars on the road for sure.

[dbbrian]

I haven't bought any gasoline in at least a month.

As a reguar commuter now working from home...I can relate!

last time I filled up it was less than half the cost and at a quarter if the frequency

Brian