The price of crude oil.

t-tony

t-tony

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Just watcing Mr. Trumps daily statement when he was talking about the price of crude oil. He said we haven't seen these prices since the 50s in the days of the big dollar.
I can remember as a kid when a Half Crown (two and sixpence) being referred to as "Half a Dollar". There were 8 Half Crowns in a pound so that was $4 to £1. Best I can recall since was $2 for £1. Those were the days.

Tony.
 
I can remember that too, as plain as day
 
t-tony said:
Just watcing Mr. Trumps daily statement when he was talking about the price of crude oil. He said we haven't seen these prices since the 50s in the days of the big dollar.
I can remember as a kid when a Half Crown (two and sixpence) being referred to as "Half a Dollar". There were 8 Half Crowns in a pound so that was $4 to £1. Best I can recall since was $2 for £1. Those were the days.

Tony.
Click to expand...
My grandad used to tell me about those days:whistle:=))
 
I can remember when it was 2 sheckles for a full nosebag and a bucket of water for old Neddy when I first got on the road
 
Moved on from groats by then eh mate?=))=))

Tony.
 
Moved on from groats by then eh mate?=))=))

Tony.
 
I remember when it was $2.50 to £1.

My grandad (a crafty old dog) was only allowed to buy so many dollars, so he bought some in his name, my gran's name, my mum's name, my dad's name, my name (I was only 7 and I can remember signing the document - I practiced the signature for about an hour).

He knew the bubble would burst and it did - he told me that the profit paid for his Ford Escort to be upgraded from an L to a Ghia when he turned it all back into £s :thumbsup:.
 
To pull the two threads in this post together. As a kid we were on holiday at Blackpool. We were on the beach by the central pier when I saw something glinting under the pier itself. I ran towards it and jumped over the rivulets of run off water to get to it and picked it up. It was half a crown

As I did so, I sank to my calves in the wet sand. Full of pride and very happy I pulled myself out and made my way back. Only to get a right bo**cking off my dad. Couldn’t understand why when I’d found what was a king’s ransom to a six year old.


l looked down and had completely black legs and shoes. Immediately under the top layer of sand was polluted with, yes, you guessed, crude oil. Yuk!
 
When I was working in the Oman oilfield around mid 80s I remember being called to a meeting and we were to spoken by our Petroleum and Operations Managers who basically said the current price of Omani crude was down to $10 per barrel. If the downward trend continued, going below $9 per barrel then operational costs to produce the oil would be more than it was selling for, so sadly all production would cease and facilities would be mothballed. Thankfully things turned round and price gradually climbed and we kept our jobs.
Looking today at present prices, West Texas Intermidiate (WTI) is at $22.7pb and Brent is at $31.48pb. Point being if gets lower there maybe some people losing there jobs, it happened to me in 2009 when crude hovered around $25 - $30pb and Chevron "released" me in Angola, luckily I wasn't out of work too long.
 
petecossie said:
When I was working in the Oman oilfield around mid 80s I remember being called to a meeting and we were to spoken by our Petroleum and Operations Managers who basically said the current price of Omani crude was down to $10 per barrel. If the downward trend continued, going below $9 per barrel then operational costs to produce the oil would be more than it was selling for, so sadly all production would cease and facilities would be mothballed. Thankfully things turned round and price gradually climbed and we kept our jobs.
Looking today at present prices, West Texas Intermidiate (WTI) is at $22.7pb and Brent is at $31.48pb. Point being if gets lower there maybe some people losing there jobs, it happened to me in 2009 when crude hovered around $25 - $30pb and Chevron "released" me in Angola, luckily I wasn't out of work too long.
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Demand has fallen though the floor. Price would be falling even without the Russia/Saudi spat. Before long all storage will be full of cheap fuel with no capacity to push all but a little into the system. Simply won’t be anywhere much to put it once it’s out the ground once all storage and carriers of crude and refined products is full. The supply chain is predicated on large and continuous demand. That is just a fraction of what it was four weeks ago. So, what next?
 
Exactly what Trump said last night, all their reserved are topped off, most crude carriers are loaded and at sea with nowhere to go so are basically floating oil tanks for now.

Tony
 
Redline said:
Demand has fallen though the floor. Price would be falling even without the Russia/Saudi spat. Before long all storage will be full of cheap fuel with no capacity to push all but a little into the system. Simply won’t be anywhere much to put it once it’s out the ground once all storage and carriers of crude and refined products is full. The supply chain is predicated on large and continuous demand. That is just a fraction of what it was four weeks ago. So, what next?
Click to expand...

Close down drilling programs and shut/mothball in oilfields/platforms with job losses, contractors first (as happened to me). No sense in producing more crude if no where to store it. After that, refineries will be affected as they have limited storage for refined products. Then knock-on effect with manufacturing industries using the refined products. Not good. :(
 
petecossie said:
Close down drilling programs and shut/mothball in oilfields/platforms with job losses, contractors first (as happened to me). No sense in producing more crude if no where to store it. After that, refineries will be affected as they have limited storage for refined products. Then knock-on effect with manufacturing industries using the refined products. Not good. :(
Click to expand...
Everybody is pretty much in the same boat. Won’t be many tears shed in many quarters. It’s the geopolitics that’s worrying. Russia started something it can’t finish and will likely end up on the wrong side of demand if countries buy elsewhere irrespective how cheap their oil and gas. The net requirement for oil will be much less in future. The industries power will be much reduced and risks will certainly be spread wider. Costs may well rise but against lower demand further pushing towards alternatives. If only the oil companies like governments had taken notice of the world’s number one threat instead of focusing on power and money.
 
From BBC News page

"The price of US oil has turned negative for the first time in history.

That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May.
Demand for oil has all but dried up as lockdowns across the world have kept people inside.
As a result, oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel."

I wonder what President Trump is going to make of this situation with "Business hat" on.
 
On the upside we are buying heating oil at 20 odd pence a litre.

Tony.
 
As it gone into negative figures I am expecting to be paid to fill my car up next time =))
 
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