Economy 52,844 Posted March 18, 2020 Share Posted March 18, 2020 https://www.bnnbloomberg.ca/oil-slumps-to-18-year-low-as-saudi-arabia-ramps-up-price-war-1.1407811 Decreased demand combined with surge in production from Saudi Arabia who is fighting for market share has further eroaded oils value It is now down to $24/barrel which is an 18 year low, almost 2 decades Adjusting for inflation, it is more than 2 decades low Link to post Share on other sites More sharing options...
MonsterofFame 1,797 Posted March 18, 2020 Share Posted March 18, 2020 Excuse me while I shed a tear for all the oil tycoons, kingdoms, and oligarchs suffering financial losses... Just kidding. On another note, I'm looking forward to gas being in the $1 range again. Link to post Share on other sites More sharing options...
TimisaMonster 31,073 Posted March 18, 2020 Share Posted March 18, 2020 Good...how the tables turn Stream my new single, 💜"Heartbeat"💜, on Spotify! Link to post Share on other sites More sharing options...
ShayCristoforo 10,607 Posted March 18, 2020 Share Posted March 18, 2020 Pretty much a bellwether for tanking economy. Save your pennies people, but at the same time, count your blessings and try to enjoy the little things. After this is over, even shaking someone's hand will be a little thing that we can cherish. It will all be over eventually Get the pinot ready, because it's turtle time. Link to post Share on other sites More sharing options...
Economy 52,844 Posted March 18, 2020 Author Share Posted March 18, 2020 29 minutes ago, TimisaMonster said: Good...how the tables turn Turn? Oil hasn't been a very profitable business in most Countries since 2013 or almost 7 years Link to post Share on other sites More sharing options...
Economy 52,844 Posted March 18, 2020 Author Share Posted March 18, 2020 44 minutes ago, MonsterofFame said: Excuse me while I shed a tear for all the oil tycoons, kingdoms, and oligarchs suffering financial losses... Just kidding. On another note, I'm looking forward to gas being in the $1 range again. I mean ppl hate on oil companies but then show they appreciate their cheaper gas Until ppl are all able to get EVs, and economic system stop using plastics and other oil based products I don't think ppl should be constantly hating on Oil Companies so much They are crutial to run the economy and we all would suffer greatly if they were just banned like some ppl want We need to phase them out ASAP but the economic system that is reliant on them is just as guilty for the environmental problems as the companies that produce the fossil fuels So the fight shouldn't just be against the fossil fuel industry. The fight even more importantly needs to be focused on how we produce things and run our economy It's useless to hate on them if we voluntarily choose to keep on wanting them to run our entire system Link to post Share on other sites More sharing options...
TheQueenEnthusiast 937 Posted March 18, 2020 Share Posted March 18, 2020 We live in a society Link to post Share on other sites More sharing options...
pedrohemg 7,802 Posted March 18, 2020 Share Posted March 18, 2020 Today I invested money in an oil company. I already "lost" some of it, but this is a temporary crisis. Tomorrow will be a better day. The world can't survive without oil. Link to post Share on other sites More sharing options...
pedrohemg 7,802 Posted March 18, 2020 Share Posted March 18, 2020 @TimisaMonster why did you react LMAO to my comment? Don't you know how stock market works? You buy stocks from strong companies when they're cheaper like now. And you sell them when they go up again. That's how we investors win money. Link to post Share on other sites More sharing options...
Economy 52,844 Posted March 19, 2020 Author Share Posted March 19, 2020 7 hours ago, pedrohemg said: @TimisaMonster why did you react LMAO to my comment? Don't you know how stock market works? You buy stocks from strong companies when they're cheaper like now. And you sell them when they go up again. That's how we investors win money. If I had money right now I'd be buying strong oil companies too I'm actually so bumbed out that I have no money right now to take advantage of the crash Link to post Share on other sites More sharing options...
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