Economy 53,142 Posted January 18, 2016 Share Posted January 18, 2016 http://www.zerohedge.com/news/2016-01-18/negative-oil-prices-arrive-koch-brothers-refinery-pays-050-north-dakota-crude In some areas the oil glut and space problem has become so acute, that a refinary taking oil in North Dakota actually charged producers $0.50 to take in oil Shutting down production once contracts are made is expensive, additionally workers must be kept busy, and you do not want to loose customers, so many companies prefer to keep pumping even if they are taking heavy losses Brent fell below $28/barrel today as world storage nears close to full. Most oil benchmarks around the world are now below $20/barrel Link to post Share on other sites More sharing options...
Gallus 1,525 Posted January 18, 2016 Share Posted January 18, 2016 In my country is like 90$ for full tank. (Europe) Link to post Share on other sites More sharing options...
Red 99,596 Posted January 18, 2016 Share Posted January 18, 2016 I don't think I get it. Are people being paid to get oil? If you see me posting like crazy, I'm either bored or procrastinating. Link to post Share on other sites More sharing options...
Alcina Dimitrescu 1,157 Posted January 18, 2016 Share Posted January 18, 2016 my poor country Link to post Share on other sites More sharing options...
Economy 53,142 Posted January 18, 2016 Author Share Posted January 18, 2016 1 hour ago, Gallus said: In my country is like 90$ for full tank. (Europe) In Europe the majority of what u pay is taxes. Only a portion of the price of gas is the actual product Link to post Share on other sites More sharing options...
Economy 53,142 Posted January 18, 2016 Author Share Posted January 18, 2016 1 hour ago, Red said: I don't think I get it. Are people being paid to get oil? The refinaries that buy oil off producers got payed to take oil. Or in this case 1 specific refinary was able to get that bargain for 1 specific type of crude benchmark ordinary people dont buy oil off producers were talking businesses that buy it And this only happened for a type of oil from North Dakota For example WTI and Brent (the two main benchmarks) are around $28/barrel but most benchmarks are below those main ones. Heavy crude from Mexico is below $20/barrel Much of Shale in some areas are around $16/barrel Oil Sands bitumen from Canada is at $8/barrel In the case if this oil from North Dakota, it was -$0.50 Link to post Share on other sites More sharing options...
Gallus 1,525 Posted January 18, 2016 Share Posted January 18, 2016 22 minutes ago, Economy said: In Europe the majority of what u pay is taxes. Only a portion of the price of gas is the actual product I know. And its wrong. taxes are soo high. I can't...if my parents earn 4000€, they only get like 1900€.... Taxes in EU are too much sometimes Link to post Share on other sites More sharing options...
Economy 53,142 Posted January 18, 2016 Author Share Posted January 18, 2016 1 hour ago, Gallus said: I know. And its wrong. taxes are soo high. I can't...if my parents earn 4000€, they only get like 1900€.... Taxes in EU are too much sometimes Thats left wing politics for you. People hate me for being centre-right winged yet they complain about taxes Link to post Share on other sites More sharing options...
Economy 53,142 Posted January 19, 2016 Author Share Posted January 19, 2016 8 hours ago, SecretWeapon said: my poor country Your from Venezuela? Im so sorry Socialism at its finest. Venezuela couldnt make it work http://www.forbes.com/sites/timworstall/2016/01/16/venezuela-needs-maduro-to-do-less-not-more-with-economic-emergency-decree-powers/#2715e4857a0b9c76d841b85c Maduro wants more power to intervene in economy further. As if price controls and 3 exchange rates for importa depending on the imports are confusing enough I think Venezuela right now needs a free market and let private sector invest. If theres 1 silver lining of a useless currency is that at least its easy to export and build manufacturing jobs. But for that investment is needed first Micro managing isnt working. It usually doesnt unless the Government is really smart. The only socialist Countries i can think of that have succeeded well is the Scandinavian Nations. Most Countries fail at it tho for the simple fact that left wing politics is harder to pull off. Not that left winged in itself is bad, but when the Government is more involved in deciding rules, how businesses should run, how more of the Nations wealth shoukd be spent with a bigger Government, you need a real competent government to make it work!!! Link to post Share on other sites More sharing options...
hausofkc 2,530 Posted January 19, 2016 Share Posted January 19, 2016 Filled up for $1.65 today Link to post Share on other sites More sharing options...
Alcina Dimitrescu 1,157 Posted January 19, 2016 Share Posted January 19, 2016 1 hour ago, Economy said: Your from Venezuela? Im so sorry Socialism at its finest. Venezuela couldnt make it work http://www.forbes.com/sites/timworstall/2016/01/16/venezuela-needs-maduro-to-do-less-not-more-with-economic-emergency-decree-powers/#2715e4857a0b9c76d841b85c Maduro wants more power to intervene in economy further. As if price controls and 3 exchange rates for importa depending on the imports are confusing enough .... I dont need an economy class about my country, much less a politically ignorant one so keep it hush, thank you. Most of the population is aware that private and external investment to reactivate the economy is needed, but Venezuela is the typical communist dictatorship disguised as socialism and keeping everyone poor is the Government best interest. Now that being said the oil low prices are making things go out of hand for them, there is such a thing as making people too poor apparently. Hopefully, this will lead to this goverment removal. Link to post Share on other sites More sharing options...
Economy 53,142 Posted January 19, 2016 Author Share Posted January 19, 2016 10 hours ago, SecretWeapon said: I dont need an economy class about my country, much less a politically ignorant one so keep it hush, thank you. Most of the population is aware that private and external investment to reactivate the economy is needed, but Venezuela is the typical communist dictatorship disguised as socialism and keeping everyone poor is the Government best interest. Now that being said the oil low prices are making things go out of hand for them, there is such a thing as making people too poor apparently. Hopefully, this will lead to this goverment removal. Ok im sorry wasnt trying to insult you But if thats true, communism os even more extreme than socialism but the idea is the same. More Governmwnt interfearance and control etc... Communism is basically socialism taken to an extreme And i dont think im "ignorant". I have my reasons for not favouring left winged politics. Usually Governments fail at it. Only a handful of Countries have been competent enough to micromanage well Link to post Share on other sites More sharing options...
Sudarshana 581 Posted January 19, 2016 Share Posted January 19, 2016 18 hours ago, Gallus said: I know. And its wrong. taxes are soo high. I can't...if my parents earn 4000€, they only get like 1900€.... Taxes in EU are too much sometimes If I earned that much (LOL), I would get 3760€ (Russia) Nous sommes tous obligés, pour rendre la réalité supportable, d'entretenir en nous quelques petites folies. — Marcel Proust Link to post Share on other sites More sharing options...
Gallus 1,525 Posted January 19, 2016 Share Posted January 19, 2016 Just now, Sudarshana said: If I earned that much (LOL), I would get 3760€ (Russia) Let me move to russia now. Link to post Share on other sites More sharing options...
Sudarshana 581 Posted January 19, 2016 Share Posted January 19, 2016 Just now, Gallus said: Let me move to russia now. don't, we're in a terrible crisis and it's getting worse just two years ago euro to ruble rate was below 40, now it's 85.79 Nous sommes tous obligés, pour rendre la réalité supportable, d'entretenir en nous quelques petites folies. — Marcel Proust Link to post Share on other sites More sharing options...
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