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^—- No worries. A barrel of wine is 55 gal, and I’d take one of those over a barrel of oil any day.

GI2
And if it is good wine, it will cost a bunch more too!

REN
 

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In Texas today, the price of oil was negative. ??

They would pay for you to haul it away. Has this been seen before?
 

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In Texas today, the price of oil was negative. ??

They would pay for you to haul it away. Has this been seen before?
No.
 
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This morning Oil's at $11.78 a barrel, down 7.79$ in the last week.

Gasoline on the spot market this morning is at $0.58¢ a gallon, down 0.20¢ in the last week.

 

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These gas prices are killing me and wish I could buy some but can't see myself pulling in and getting a bucks worth to fill the tank.....LOL
 

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^–- No worries. A barrel of wine is 55 gal, and I’d take one of those over a barrel of oil any day.

Actually, a wine barrel is 59, 60, or 79 gallons, depending on the type. Bordeaux - 59 gallons, Burgundy - 60 gallons, or Cognac - 79 gallons.

The 55 gallon drum is not an official volumetric standard, just a standard container.
 

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Oil industry is a fickle beast. Prices went negative, which is a strange phenomenon. New York futures traders were essentially paying people to take oil contracts. The futures contracts were expiring, and when they go from "future" contract to "today" contract the guy holding the contract has to take delivery of the crude. Having been to Manhattan, I didn't see many tank batteries, so I don't think those wall street guys were prepared for the possibility of actually taking delivery of crude.

Currently no demand and a surplus of product. People aren't driving, planes aren't flying much, shipping containers not sailing. etc etc. Everyone's storage capacity is at max and no one can take delivery of product.

I work for an oil producer, won't say who, but we basically had to shut in a majority of our wells, may potentially shut them all. Our biggest buyer refines our type of crude into Jet fuel. They aren't selling much jet fuel right now. Their finished product holding tanks are full. Their raw material holding tanks are full. We received notice they will not be taking any new raw crude.

At the end of the day, for us, the day to day price of oil is irrelevant. We aren't selling any at any price until people start flying and driving again.
 

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Some will still sell, as they say oil is the lifeblood of the economy. Even if a lot of us are not going to work, shipping, air freight, and trucking still has to keep going.
At the retail end, our fuel sales volume at my store is down by 1/2 and I hear that is normal right now.

Also, wine will not power our hot rods...GI9
m14brian
 

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Gasoline in my area is $1.29 a gallon. My Ford Mustang had
a half of a tank so I filled it. Cost $9.00.........

Siefly
 

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I just filled up the Ford Expedition for under 24$ for gasoline, I paid only 0.98¢ a gallon.
 
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A lot of stations around here are still pushing $3 / gallon for regular. That's in the Seattle area for all of you fortunate not to live in or near a hole like this.
 

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When filled with oil instead of fish or other commodities, a 42-gallon “tierce” weighed 300 pounds. The 42-gallon oil barrel was officially adopted in 1866. ... Pennsylvania led the world in oil production as demand for kerosene soared. The 42-gallon standard was adopted by the Petroleum Producers Association in 1872.
GI3
A fascinating read is The Prize, by Danial Yergin. Gasoline was a waste product, dumped on the ground or in a nearby waterway in the production of kerosene. Refining was a cottage industry. Standard oil made their name by producing kerosene that one could trust not to blow up due to impurities.
Rockefeller's lock on transporting oil was the underpinnings of the modern corporation. It lasted until the discovery and refining of oil in Texas, which was resistant to, and beyond the reach of, the intimidation of East coast thuggery.
It goes on through the co-opting of the US military to protect oil company interests in the middle East.
 

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Oil industry is a fickle beast. Prices went negative, which is a strange phenomenon. New York futures traders were essentially paying people to take oil contracts. The futures contracts were expiring, and when they go from "future" contract to "today" contract the guy holding the contract has to take delivery of the crude. Having been to Manhattan, I didn't see many tank batteries, so I don't think those wall street guys were prepared for the possibility of actually taking delivery of crude.

Currently no demand and a surplus of product. People aren't driving, planes aren't flying much, shipping containers not sailing. etc etc. Everyone's storage capacity is at max and no one can take delivery of product.

I work for an oil producer, won't say who, but we basically had to shut in a majority of our wells, may potentially shut them all. Our biggest buyer refines our type of crude into Jet fuel. They aren't selling much jet fuel right now. Their finished product holding tanks are full. Their raw material holding tanks are full. We received notice they will not be taking any new raw crude.

At the end of the day, for us, the day to day price of oil is irrelevant. We aren't selling any at any price until people start flying and driving again.
I think the airplanes in my vicinity are trying to make up for the deficit. They're flying all over the place.
 

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It goes on through the co-opting of the US military to protect oil company interests in the middle East.
Energy (oil) is a strategic resource.

Look at what happened to the last two countries that didn't have it during a war . . .
 

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.........yeah, they prolly can't hardly even afford lowly PO-lise actions no more :ARM28:
 

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Stoky said:
Gasoline was a waste product, dumped on the ground or in a nearby waterway in the production of kerosene. Refining was a cottage industry.
Very interesting. I saw a history special over a year ago about John D. Rockefeller. He figured out how to refine kerosene, which would not explode in a lamp. I wondered what happened to the very flammable and hazardous portions, such as gasoline and benzene. Thanks.
ed: I just put The Prize on hold at my local library, which has a drive thru book delivery like a bank.
 

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you're welcome Sir
I think you'll find it interesting. I gave my copy away.
 

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This morning Oil's at $15.54 a barrel, up 3.76$ in the last week.

Gasoline on the spot market this morning is at $0.73¢ a gallon, up 0.15¢ in the last week.

 
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