oil is worthless and it gets more worthless in the future, it was pure mercy for the developed world to consume the environment destroying oil from the middle east the people there would live like zergish savages, by now if no one would have bought their oil
Where do you live that oil is worthless, except that you mean 'worth less' right now than it was yesterday. If oil was worthless, people could drive their cars for free. As it is, even electricity that charges electric vehicle batteries comes from oil fired generators, if they aren't coal or nuclear.
worthless was an exxageration, but oil can be indeed worthless, in the past, heavy oil lakes where everywhere on earths surface, and people and animals died in them,
the oil price is crashing and soon also the euro will crash with russia saying i don't need to support weak economies.
regards
All you are talking about is supply and demand. When oil crashes so far that oil companies can't afford to refine it, people will pay more rather than go without, and the price will go back up.
Crude Dives to $30, a Whopping $20 Below Cost of Production
The carnage was far worse than expected. Oil futures opened near $30, down a record breaking 27%.
That's the biggest crash in history.
The S&P 500 and Nasdaq futures are down over 4%. Halt limits just hit.
US Cost of Production
A Dallas Fed May 2019 report highlights the Average Cost of Production.
The average breakeven price of oil has fallen 4 percent (or $2 per barrel) over the past year, to $50 per barrel, according to the latest Dallas Fed Energy Survey. The $50 top-line figure masks some important differences. Areas such as the Midland and Delaware basins in the Permian Basin, hotbeds of shale activity, are routinely lower on average than other locations. There is also variability among operators; within the Permian Basin, for example, individual responses to the most recent survey ranged from $23 to $70.
That's the biggest crash in history.
The S&P 500 and Nasdaq futures are down over 4%. Halt limits just hit.
US Cost of Production
A Dallas Fed May 2019 report highlights the Average Cost of Production.
The average breakeven price of oil has fallen 4 percent (or $2 per barrel) over the past year, to $50 per barrel, according to the latest Dallas Fed Energy Survey. The $50 top-line figure masks some important differences. Areas such as the Midland and Delaware basins in the Permian Basin, hotbeds of shale activity, are routinely lower on average than other locations. There is also variability among operators; within the Permian Basin, for example, individual responses to the most recent survey ranged from $23 to $70.
