How the Oil Bust Could Reshape Global Markets | WSJ

The coronavirus pandemic has emptied out cities around the world, causing a historic drop in oil demand just as production was reaching new highs. WSJ explains the oil price bust that could reshape energy markets. Photo Illustration: Carlos Waters/WSJ
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#WSJ #OilPrices #Explained

[@Trumani]

"There's no winner." I disagree. I would say the environment is the winner.

[@mathewrowland5088]

Right on

[@michelbruns]

Trumani and Tesla

[@user-wv1in4pz2w]

temporarily

[@ahmadshukrichemamat7108]

Agreed...

[@NZH00]

In the very short term, yes. But after that, consumers will be more likely to consume greater amounts of oil than cleaner alternatives if prices remain so low.

[@zacharyparis]

The only thing missing from this video is one shred of useful information.

[@nicholashildenbrand8632]

Yep, I agree

[@heathermacarthur2342]

Welcome to capitalism¡😷🙈🙉🙊💀 #StaySafe

[@inutto2d759]

@Billbo Bro you have to really be trying cuz what that person said was astronomically dumb

[@klausmkl]

@Billbo Bro your even dumber, so sorry. I guess dumbness has levels

[@robbae9307]

klausmkl *you’re... don’t pipe up

[@jacobdeangelis7702]

Thought this would explain, it didn’t

[@supremereader7614]

Jacob DeAngelis it did explain it, you just didn’t catch it.

[@addisonfoxfire9174]

Exactly it explained nothing. I work for thr oil industry and it's scary to think what will happen next😥

[@youtubesbestchinachannel9073]

😂

[@lordharambe4653]

I’m guessing you are hoping they will touch on the futures oil contracts?

[@Ray-tx2ls]

You're correct. They said "how the oil bust could reshape..." but never explained. I suppose they could have added 2 minutes to the video to go into detail about how, if US oil producers aren't provided a financial buffer, small towns will ghost town similar to what happened to Detroit post Recession. Which wouldn't surprise me. Texas is largely based in Oil and Healthcare, so while they'll be ok, it would make sense to focus on the healthcare portion and hopefully Texas can be the one to produce the vaccine to buffer their economy against their oil losses. But overall, I think that if people are smart they'll support oil towns until this is all over, or those other countries will get what they wanted in the long run. So I would say - if you see funding coming in, or gov purchases of rigs, then that's good news. If you don't see that, expect all the local breakfast joints and hotels and car lots to close up real quick.

[@nobo1682]

Perfect moment to curb oil addiction and support alternative energy source.

[@kbs1212]

No Bo Yes!

[@user-wv1in4pz2w]

the problem is that nobody want to switch if the can get cheap oil instead.

[@nicolasamper7911]

Id say it is the worst moment actually, think about it, the reason why people dont support alternative energies is because it is expensive

[@nobo1682]

Is oil really cheap if it's your only option?

[@nicolasamper7911]

@@nobo1682 it is if the market is floded with it, wich it will be for at least the next year

[@turningpoint4238]

Well didn't get much from that.

[@shapedsilver3689]

Yeah I think my main takeaway is that in the future countries might be more careful to collaborate on keeping prices stable, but I feel like there’s more I’m meant to get from it and I didn’t

[@youtubesbestchinachannel9073]

Lost those minutes

[@Andytlp]

its cheaper to pay people to take the oil off their hands than it is to shut down pumping operations and let people off with compensations. At least thats my guess. besides if oil shills restrict oil production too much to hike the prices, governments are going to intervene and take over oil production.

[@jodeytailor7462]

@@youtubesbestchinachannel9073 yes dumbie you did dumbie bc u are uneducated fool

[@ccp1012]

It sucked

[@DarthTigger]

Soo they attempted to collude to artificially price fix and gouge customers, and it didn't work. I call that a win.

[@user-wv1in4pz2w]

they always collude and it mostly work. they just did not manage to collude enough for prices to go up. at least for now.

[@RainCity3rd]

yeah you do realize it is USA and Canada's interest to have higher oil prices as so many are employed by the higher cost oil industries here. Elsewhere is much cheaper cost to produce but then we'd have no energy security. So more complicated than simple cheap is good.

[@s.leemccauley7302]

The US producers borrowed heavily for expansion. Now they have to repay those loans. Considering how much the big guys keep offshore to avoid paying taxes, I see no reason the US taxpayers should bail them out. Go research the big oil annual reports.

[@RainCity3rd]

@@s.leemccauley7302 don't disagree but realistically it's first an election year and there are far more people employed here than the already dead coal industry from last election. Also this is a matter of energy security for the US. If they let these companies go under it is back to importing oil again which took decades to get away from. It's certainly a complex situation which no easy right answer.

[@hito4863]

RainCity84 the easy answer is electric vehicle investment and subsidies.

[@talyahr3302]

3:08 "And the pain became unbearable" Dont you mean...unBARRELble 🛢😉

[@rizqyaqilherlindra7150]

get out GET OUTT!

[@talyahr3302]

@@rizqyaqilherlindra7150 😂😂😂

[@brianvirnelson1668]

😂😂😂

[@jodeytailor7462]

Lolz

[@umarakbar_]

Brilliant! 😂

[@eatwithpeak]

Well at least there's a drop in pollution

[@user-wv1in4pz2w]

temporarily

[@jryde421]

Untill we use all that cheap oil

[@user-wv1in4pz2w]

@@jryde421 until we start to use the cheap oil. It's not the extraction, it's the usage that pollutes the environment.

[@jryde421]

@@user-wv1in4pz2w exactly. Knowing humans we might use alot in a short amount of time.

[@hkharryfunk]

All this oil is still being extracted but is sitting in storage. It will be used soon.

[@superwiseman452]

not much insight in that 5 minutes of regurgitated news

[@iAmTheSquidThing]

Not every video has to contain new insight. I found this useful as a concise summary of the situation.

[@dylanbodkin6225]

"There is no winner in this current situation" except for everyone who breathes air.

[@pacifick0271]

Yea a form of the green new deal lol

[@najibyarzerachic]

Prefect reply

[@s.leemccauley7302]

@swave158 could be. The Saudis forced Russia to reduce production. That is why they had that price war. And it is what triggered the first drop in markets when big investors pulled their money. The virus was secondary. The Saudis are also restructuring their economy.

[@jettblifted]

Industry up against the ropes... might be... it is... down for the count! Humanity for the win!

[@barrym4079]

You idiots seem to forget where your food comes from. Tractors use fuel, trucks use fuel. I guess if we all just stop working, and eating, the planet wins. You forget you will be the first to get eliminated.

[@paulthrockmorton]

Doesn't even mention that the US cost to produce is 7 times higher than SA

[@AdmiralHipper15]

Paul T it’s a 4 minute video dude...

[@moneymaker2024]

Youshea19 Because oil is located deeper ...Countries in the Persian gulf oil is very close to ground...And hence cheaper

[@KCJbomberFTW]

Money Maker no it’s because there’s no regulation and land is much cheaper

[@devdixit2440]

@@KCJbomberFTW No, you are not completely wrong. But your points are minor ones. The oil that formed in the middle east is shallow. The Ghawar oil field in SA formed more recently in a geological time scale (Jurassic cica. 150 million years ago), meaning there isnt much sedimentary rock above it. You just need to drill through the sand and voila. The Permian oil fields, the biggest in the US (found in Texas) were as the name suggest created in the Permian 300 million years ago. Also Texas oil is shale oil, the production often involves expensive fracking techniques to get the gas and oil out. This makes the break even point of Saudi Aramco much lower then US shale oil companies. Which is why Saudi Arabia started this price war, they could afford to drop prices and still make a small profit, this would force US oil companies to drop oil prices below their break even and take losses they could not sustain, eventually they would go bankrupt/insolvent and Saudi Aramco would gain a greater market share.

[@agusal4487]

Devya Dixit thanks. KCBomber, anything else you wanna add? :P

[@drissalaoui103]

Was at -40$ secs ago

[@aweslayne]

Tesla cars & Elon: “I call this a big win”

[@ccp1012]

Yep

[@harveyfong7617]

I don't think so. If oil price are low there will be no incentive to switch to eletric car and probably will have more people using petrol car. So i don't call this a win.

[@jazldazl9193]

@@harveyfong7617 certainly not a win for electric. Oil price inevitably rises once virus problem over but that at least 6 more like 18 months

[@robbae9307]

how is this a win for tesla? you don’t know what you’re talking about

[@Dannyboy-nj4wh]

Major Win for Electric cars Low oil prices means stop of production!

[@anthonyemmm]

No winner? My fuel is usually over $400 a month. Last month I’ve spent $60 on fuel at the pump. I’m winning🤑🙌🙏🏼

[@goodmorningfiatnam]

Anthony M so basically fuel prices drop 40% but your fuel expenses dropped 90% 🤔

[@anthonyemmm]

Jay Noureddin Wife and I are now working from home. Not having to commute to work everyday , running the kids to there activities has saved us on our fuel consumption

[@goodmorningfiatnam]

Anthony M oh okay that makes sense then

[@justinsnider9772]

Anthony M well then the majority of the savings isn’t from lower fuel prices, so you really haven’t benefitted much from the lower price but more from the stop in driving.

[@anthonyemmm]

justin snider The way I see it, if I’m not having to shell out hundreds of dollars on fuel and I’m still employed earning an income working from home it’s savings in my wallet at the end of the day. I’m not losing anything by not using an absorbent amount of fuel. I call that a win in my book.

[@antb535]

Fix your map! Crimea is not part of Russia but Ukraine.

[@user-ri5kj4jz2i]

Бестолочи, что с них взять, географии не знают

[@safishake]

"there is no winner" Long term investors : you sure bud?

[@r_b7833]

Not sure why the wsj is showing Russia as owning Crimea

[@s.leemccauley7302]

Me either. But it shows where their sympathy lies.

[@jamesoleary2476]

Because thats the de facto real world

[@cuentafake140]

It must be because it is a new map :p

[@Dufflot]

I mean....

[@Gindaman999]

Maps should show de-facto sovereignty borders. Crimea is controlled by Russia. Taiwan is NOT controlled China, therefore map is correct.

[@arnoldeolarte6194]

I have nowhere to go yet I feel I wasted 4:17 minutes of my life by watching this video and learning nothing.

[@hansnelson3583]

Ahaha that is soo true

[@mchertonok]

Nice going WSJ adding Crimea as part of russia. I'm guessing you will do the same with Alaska as well.

[@mchertonok]

@Adel Al Crimea was annexed in 2014 from Ukraine. I made that comment because Alaska was part of Russia before. So I just made a correlation that since Crimea was part of Russia and got annexed will WSJ do the same if Russia claims Alaska? That's what I meant. Can you explain how do baltics area threat to Trump?

[@mchertonok]

@Adel Al huh, so you basically joked about Balkans as part of Russia.

[@krisjackson6102]

@@mchertonok Possible Chinese troll. More likely Russian troll. Dont waste your time arguing with them.

[@TheShootist]

@@mchertonok Balkans are Not part of Russia but historically have been considered part of the Russian sphere of influence. As it should be.

[@mchertonok]

@@TheShootist Why should it be under Russian influence?

[@Umtree]

Good !!...... I hate oil. “Don’t drive your car then” “Don’t use plastic” , etc, etc. OK bring it on.

[@RainCity3rd]

But its not a zero sum game. "Don't want to die of smoke inhalation in a fire just don't breath then dummy, duh"

[@Thunderstick-y8h]

Using oil to make fuel and using it to manufacture plastics aren’t to say thing .

[@jared7964]

Cheaper than water wouldn't be a good cause for ya

[@ilgarmm]

CRIMEA is not Russia!!! WSJ!!!

[@MRTWINTURBO88]

While watching this video I found myself thinking; “gee, am I the only person not getting much from this video...?” Then I read all of the other comments! 😂 Glad I’m not alone!

[@lothean2099]

Always read the comments. Thanks people. You saved me 4 odd minutes

[@wocookie2277]

This whole crisis has shown us just how powerful the consumer is! Let’s use that, now we see how we can control markets. When this is over only use companies that put us first and value for our dollar.

[@vusvolodymyr]

At 2:03 you have marked Crimea as part of the Russian Federation. This is a mistake! Crimea is Ukraine!

[@BillionairewannaB]

Crimea WAS Ukraine, Crimea NOW is Russia.

[@vusvolodymyr]

@Mr Doggo I hope this is an error of carelessness.

[@vusvolodymyr]

@@BillionairewannaB Crime does not turn theft into an owner.

[@BillionairewannaB]

@@vusvolodymyr Yeah No but it does though. Its how we ended up where we are today.

[@Victor-tl4dk]

Agreed.

[@SilverKnight16]

So, what I got out of this is that a bunch of countries were working together to artificially lower supply in order to price gouge when all of this went down. There was definitely a winner in this: Mother Nature: 1 Oil Barons: 0

[@jared7964]

The opposite - countries and industry working to Boost supply in order to drive out competition. So using your analogy - Mother Nature just got raped for nothing.

[@LukeHatch14]

You’ve included Crimea into Russia on a map. Just so you know. As for the video, i expected something more profound

[@pushed-into-context]

Why is Crimea in your map pictured as a Russian territory?

[@user-wv1in4pz2w]

nobody cares enough by now to dispute this.

[@elijahamores]

Nobody cares anymore and has in fact accepted the Russian annexation

[@NZH00]

Why are US companies increasing production so much in the first place?

[@turradaturra]

They explained that American companies had made huge loans to buy machinery and build pipes to distribute the oil. Therefore, to cover those loans, they can't afford to stop producing.

[@coolbluereview]

Well they say they had to pay off their debts in the video leaving them no choice. But let's be honest, oil companies are the richest corporations on earth and have been favored by governments for decades, I'm sure this wasn’t necessary.

[@Vishwanath924]

turradaturra daturrada Also, we don’t want to lose energy sector jobs in the US as the world petroleum tank to the lowest level in quarter century. Thanks partially to Trump. Trump 2020

[@beback_]

@@Vishwanath924 Why do Trump fans need to be so moronic with their propaganda lol

[@NZH00]

​@@turradaturra If American companies hold enough market-share to influence world prices so dramatically, wouldn't it be more profitable for them to keep prices high? Also, since the demand for oil is really low at the moment, what's the point of increasing production? It's just more costly for them to store surplus production they can't sell, isn't it?

[@johnnolan2356]

Nobody feels bad for the oil companies or the OPEC countries- I understand that this has an effect on oil workers, but the amount of price fixing and collusion that leads to the illegal oil profiteering of foreign nations has been disgusting and wrong, and everyone has known about it, so how can we expect people to feel bad? Gas should never cost more than $2 a gallon anyway, and we should be taking the gas tax and putting it towards our own future energy infrastructure not propping up foreign countries.

[@GlennHanns]

Knew this happen, told my friends OPEC would fail and oil would collapse a month ago....

[@mtheg7220]

Im just eating chips today

[@cameronf3343]

I’d sincerely join the effort to make this an opportunity to boost the commodity of renewables. Honest. It’s prime time.

[@jared7964]

You need expensive oil and cheap renewables - the opposite is the case now.

[@ahmedzaki7818]

What's wrong with the Russian map...WSJ

[@brookeking8559]

As I watch this video, one of those tankers with no place to unload sits a few miles out in the Gulf of Mexico pointed towards the pass into St. Andrews Bay and Panama City, Florida. I just checked. I can see its lights tonight, its position unchanged since this afternoon.

[@forefatherofmankind3305]

Why don’t u go scuba diving and steal some of the oil ?

[@brookeking8559]

Forefather Of Mankind, if that’s a joke, I don’t get it.

[@Blitznstitch2]

US producers helped to exacerbate this problem. They hurt themselves

[@willz229]

Why is Crimea a part of Russia?

[@nachannachle2706]

Russia annexed it and nobody said nothing, no? That's how geopolitics work nowadays. No visible contestation = endorsed by the media.

[@fdrewchandra]

Oh you didn't get the memo ?

[@Juznik1389]

Cause no other nations troops can go near it without causing a war. You can put your head in the sand, but the fact remains true

[@dimitrismavridis2179]

Crimea is Russia.

[@ajtorres2549]

So how will the market be reshaped? I don’t think that was touched on once in this video

[@UsmanAli-xg7ew]

It did explain, people. Supply > Demand hence lower prices.

[@noiryork]

Why is the WSJ acknowledging Russia's illegal annexation of Crimea?

[@ryank3281]

Oil price didn’t collapse, greed does.

[@tomservo5007]

if history is going to repeat, large scale wars coming

[@ClarksonsinUSA]

I drive a 18 wheeler in Georgia,Tennessee,SC and NC traffic is normal,even heavy at times!! Gasoline is around $1.49 a gallon..:)

[@iciajay6891]

I guess the planet got the last laugh. If you think about it, humans have no room in the food chain. None need us. Abd neither does the planet. So we better watch our actions. We need it. It dose not need us.

[@sb1406]

Icia Jay I don’t know what you’re talking about, I’m fricking awesomeeeeeee

[@Victor-tl4dk]

and it's funny because it is a direct effect of our oil usage that is warming the planet and connecting us and making our lives easier.

[@user-wv1in4pz2w]

so, let's continue doing it, so that humans go extinct faster. the planet will recover. ACCELERATE!

[@GreenStorm01]

Fascinating, didn't think that'd be so up to date just 4 days later...

[@kaintudigit1599]

Whats the problem? Alabama alone can crank up their old, 4x4, big v8, one ton pick'em-up trucks. Mudding can be done all day, well 2 days (its the weekend), and clear out some storage room.

[@billdosam8476]

Most of the major oil consuming countries ia going to say goodbye to combustion engines for use of passenger transport segment which includes car, bus and trucks.

[@joswaterreus4851]

'there's no winner in this current situation' he says... EARTH is the winner in this current situation!

[@kennethsoshi03]

*Finally the Earth is healing. Happy 50th Earth day folks! 🖤*

[@nandanhegde2986]

say no to oil...as consumers lets put the last nail on its coffin!

[@nm9864]

People should start using alternative, cleaner energy sources.

[@arokjuata3365]

Well this event could be a incentive for alternative fuel

[@straysheep5312]

I found out that people with Tesla's (depending where they are) get charged an extra fee for driving electric. Why? State government needs to make money off of gas prices, so now they are charging electric drivers to compensate. Pretty much kills the meaning of making electric vehicles cheap you know.

[@Erin-Thor]

So... what I learned from this is I missed an opportunity in oil futures. Again.

[@leolauzon9205]

Why isn't the price of diesel dropping? I'm a OTR trucker and would like to know

[@jared7964]

More demand for diesel than gas.

[@FreedomAndDemocracy]

Let the filthy, fossil fuel, industry, go the way of the dinosaur.

[@HotRed00]

Oh shut up 🤐

[@vincentlim13]

Wow, Part of Malaysia capital city Kuala Lumpur is shown at 0:44

[@chengyiq3066]

Proud Malaysian moment

[@ahmedaltunkaya2961]

My Exxon stock is dead.

[@Steven-wq8tx]

Great opportunity to more

[@KennyakaTI]

I never invest in oil/petroleum companies. They are always a bad buy.

[@iansoderlund3539]

Kenny aka TI not if you like making money on dividends or capital gains?

[@michelbruns]

Ian Soderlund or just buy better stocks and get way more money.. hard decision

[@KennyakaTI]

@@iansoderlund3539 I make a lot of money on different stocks. Stocks that give me a much better return and way more stable than oil.

[@Bichphuong7218]

Thanks

[@andrewfrodo2086]

So would this be a good time to start electric vehicles again? Double down as they say?

[@sethgreen2459]

Add surplus oil to the strategic oil reserves to take it off the market. New infrastructure for the supply would be necessary, but it may help.

[@dimitrismavridis2179]

There is a winner, the environment!!

[@tomservo5007]

until the bombing starts.

[@edrey4131]

Why did the WSJ show Russian map including Crimea peninsula?

[@hughmungus4118]

Yes for mother nature. Yes yes yes

[@wreck-itralph938]

See how environment is not included in this

[@danielma456]

Does the wall street journal recognize Crimea as part of Russia?

[@if1389]

who cares? The video is about oil and not about Russia!

[@nathanseago3467]

Aaaah so oil prices fell. Cool. Thanks Wall Street Journal.

[@capossito]

Well a few days early for a surprise, it just crashed -32

[@IVIUIVDOG]

Los Angeles highways never looked so good 😊

[@curtiscarpenter9881]

When we use geothermal energy nations will have independent energy capabilities and oil will be the past. No pollution all delivered from the centre of the earth's crust.

[@gregorymalchuk272]

We also need fast breeder nuclear reactors.

[@francisluglio6611]

Curtis Carpenter are you kidding me? You can't just build geothermal anywhere you want. It has to be available via cracks in the crust.

[@gregorymalchuk272]

@@francisluglio6611 Most of the earth has hot rock fairly close to the surface. It has to be fractured and pumped with water for it to be productive. Look up "engineered geothermal resources".

[@victoriapowers576]

NOW can we start investing in alternative energy sources?

[@JamesMcCutcheon]

Our air quality in my town are at an all-time low level of pollution in the air. Air temperatures are very low in the air and the weather is like 1940.s

[@nk14zp]

Propping up prices or price fixing?

[@yashk1964]

So... what's your point? How does the video answer the title?

[@xtremed121]

there is a winner. me... this is awesome. more gas for me.

[@johnbrown2163]

They would have never guessed the Oil would free us from our chains and shackles.

[@h.n.r_funi3324]

My country's economy is based off only upon oil, and since it's not selling (selling with lowest price) i think there is a severe crisis ahead of us. 2020 has been ruthless so far.

[@chriscripplercruz1833]

Anyone on here watching this after oil prices hit zero dollars today in the stock market it actually went below zero for a while

[@youtubesbestchinachannel9073]

What strange times

[@tigrantikko]

here when oil price busted til NEGATIVE LEVELZZZZZZ

[@levangurgenidze9464]

Crimea is not part of Russia, it is illegally occupied by Russia, which has not been recognized by the world (and hopefully will never be). So, please get your facts right.

[@levangurgenidze9464]

Ween being under control of a country does not necessarily mean that it is part of that country. This is disrespectful to the people all around the world struggling against such atrocities. Russia illegally occupied Crimea and international community did not recognize Crimea as part of Russia. So, until int community does that, it is innacurate to show Crimea being part of Russia. This is WSJ, not - Russia Daily. It is expected to perform better

[@levangurgenidze9464]

Ween No, this means how much international law matters/appeals to people. However, the fact is that Crimea is still considered to be part of Ukraine, despite your view on what matters more - de facto or de jure. WSJ kind of journal should know this. This is a diplomatic issue/scandal. If official Ukraine sued WSJ, they would do right.

[@levangurgenidze9464]

@Ween You can argue Foucault's point as much as you like, but you are missing my point.My argument is not about the actor that wields the power in Crimea. I am stating that showing Crimea as part of Russia is inaccurate as, in order for a territory to be accepted as part of a country, it needs international recognition.

[@shaikhmullah-ud-din1964]

April 20,2020 WTI plunged down to a record low of -$37.63 per barrel. April 21, 2020. Brent crude follows the suit with a $5 dive of its own

[@MrAresxy07]

So question it is good to buy oil stocks right now ?since it is cheap and it will get high again

[@AthenaCannon]

Is it Calgary AB in the first picture? Looks like it.

[@leodong6060]

Yes and now the price just went negative

[@murali1790able]

Why to produce more oil when no one is consuming ??

[@zakkarawylde151]

At least we will know what will happen if the world stop depending on oil but with other alternatives in the future.

[@SnootchieBootchies27]

Looking forward to the oil bailouts.

[@SkywatcherAnomalous89]

The fact we still depending on and burning fossil fuels is sad. It’s time for change! Yes it will be hard but we can find alternatives. This could be a great thing! Many of us tired of the pollution clean living.

[@VibrantDesigns]

3:07 Didn't know WSJ hired comedians 😂😂

[@justme-tr7kq]

Did u really just show Crimea as part of Russia? 2:12 that's disgusting

[@hubert187]

Can someone explain how prices can be negative, and what that means?

[@waitansee]

I buy oil I cannot store. Must pay for it not to be delivered. Last duck pays $37 a barrel NOT to take delivery.

[@fbifib7327]

atleast we can breath fresh air and drink clean water

[@tomservo5007]

but no money to buy food

[@anyone8763]

Wouldn't it

[@cDisC-lz4fv]

WOW. superb info. Keep it up.

[@ricardocarpon9379]

A preview for the rising non-oil dependent consumption.

[@DozaO23]

April 21st 2020, the oil price has officially hit below $0

[@tmsproductions9690]

now it’s back

[@vtecmyrmidon]

Forgot to mention, Aramco went public early this year and in doing so had to disclose its oil reserves. They have hundreds of billions of barrels worth of oil. The move was a reset for the Saudis to dictate the oil market, because in short, they own it. The US doesn't profit from oil drilling unless the barrel of oil trades around $80. Almost overnight the world has devastated the US oil market. You will soon see a shockwave of boom towns turn to ghost towns. An entire section of the US economy will almost be wiped out, completely. This will no doubt start a chain reaction in our real estate, banking and in retail markets that will make 2008 seem like a cakewalk. How convenient Covid showed up when it did to become the scapegoat. What could happen soon is what everyone needs to pay attention to, prepare for and fear; not the hype of this Covid scam.

[@crashweaverda]

I hope that there refilling the strategic old reserve since it's so cheap. The fact is 8 months from now they will be telling us why it's so high.

[@mfaizsyahmi]

there? where?

[@LawofMoses]

And now in 2023 they are raking it in, taking all the revenues back.

[@pussycla]

So where is the reshaping of the global oil market?