Brainlet here

[Anonymous No.18584323]

Guys how can the price of oil be negative? What does it mean? Do you literally have to pay to sell oil?

[Anonymous No.18584355]

I am also confused. Why not just leave it in the ground if we have too much?

[Anonymous No.18584358]

>>18584323
>Do you literally have to pay to sell oil?
Yes, because nobody has a place to store it due to the excess oil and it becomes a liability.

[Anonymous No.18584377]

>>18584323
gas station pays you to fill up

[Anonymous No.18584380]

>>18584358
Why don't we just leave it in the ground?

[Anonymous No.18584399]

>>18584323
I’m also a brainlet. I bought XOM today, and will buy a thousand dollars worth of FRO in a couple days will I make it bros?

[Anonymous No.18584405]

>>18584380
they can't turn the tap off fast enough

[Anonymous No.18584410]

>>18584358
I mean what about gas stations? There's still a massive demand for gas, surely those would gladly take cheap oil?

[Anonymous No.18584417]

Yes, production cannot be stopped quickly but there is no demand, while storage and transport cost. Producers need to pay to get rid of it.

[Anonymous No.18584451]

>>18584399
when the world economy restart, demand for oil will rise again, so yes.

[Anonymous No.18584506]

>>18584410
This is crude oil you idiot and we are not talking about 100 Barrels or something. And no you can't run your truck on crude oil.

What exactly is crude oil?
Crude oil is the form oil is in once it’s pumped from the ground. A complex series of processes is undertaken afterwards, known as “refining.” This is what results in the finished petroleum products that we use.

Is crude oil the same as motor oil?
No, crude oil refers to unrefined oil. Unlike motor oil, it won’t meet the desired specifications for viscosity, won’t have additives to control oxidation, and won’t have the optimal level of easy flow while boasting resistance to high temperatures and pressures.

Refining crude oil allows one to obtain the portion that can be further optimized to make motor oil. In addition to the qualities above, additives remove water, provide anti-sludge and anti-rust qualities, and more.

[Anonymous No.18584509]

>>18584410
>There's still a massive demand for gas,
Not really
>surely those would gladly take cheap oil?
Oil is not gas

Refineries are producing as much gasoline as the demand takes and storages for both crude and gas are full. Oil companies are pumping more than refineries can take.

[Anonymous No.18584560]

>>18584506
>>18584509
But you can refine gas from oil, right? I mean it's not something you would do at home but that's the main purpose of oil.
Couldn't I just buy like 1000 barrels of oil for free, buy a refinery and then have free gas for my car for 1000 lifetimes?

[Anonymous No.18584570]

>>18584355
That's what they are trying to do. Problem is its not as easy as pushing a buttom and it stops. Its stoping but its not fast enough to prevent the clogging that we're gonna see with the may and june contracts

[Anonymous No.18586243]

This is all BS, in sweden I still have to pay 12sek per 1L when I go to the gasstation

[Anonymous No.18586295]

>>18586243
Because sweden is not in lockdown, people still goes out and drive around.

[Anonymous No.18586440]

>>18584323
You can stop the pump, but you can't easily restart it afterward. The cost of these operations is counted in millions.

>>18584560
You could. You just have to handle the logistic of it: transport, storage, compliance to environmental laws. (spoiler: it's unprofitable without the professional network to handle this).

[Anonymous No.18586717]

>>18584380
The landfuckers (pic related) can’t be turned off without damaging them