# Oil glut

**URL:** <https://forum.centerforinquiry.org/t/oil-glut/7239>\
**Category:** General Discussion\
**Created:** [April 15, 2020, 6:28pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239 "2020-04-15T18:28:03Z")\
**Posts on this page:** 9\
**Page:** 1

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**Author:** ![timb](https://avatars.discourse-cdn.com/v4/letter/t/3e96dc/32.png) [@timb](https://forum.centerforinquiry.org/u/timb)\
**Post date:** [April 15, 2020, 6:28pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/1 "2020-04-15T18:28:03Z")

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[https://www.msn.com/en-us/money/markets/oil-glut-may-overwhelm-global-storage-tanks-within-weeks/ar-BB12EBo5?ocid=spartanntp](https://www.msn.com/en-us/money/markets/oil-glut-may-overwhelm-global-storage-tanks-within-weeks/ar-BB12EBo5?ocid=spartanntp)

_“Oil demand is heading for the biggest annual collapse in history, with global consumption slashed by as much as a third this month by lockdowns aimed at containing the coronavirus…This summer the world may still run out of space to store unwanted crude – a worst-case scenario for the oil industry that could push prices even lower.”_

I think that it is high time to let the oil industry begin to die a natural death. We should be gearing up clean energy sources to fill the demand, when the pandemic is essentially done.

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**Author:** ![timb](https://avatars.discourse-cdn.com/v4/letter/t/3e96dc/32.png) [@timb](https://forum.centerforinquiry.org/u/timb)\
**Post date:** [April 20, 2020, 5:16pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/2 "2020-04-20T17:16:54Z")

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Oil dropped to less than $5 a barrel, in trading today.

Oil companies are theoretically going to lose money for every barrel they produce. But they can’t even shut down production fast enough. And there is no where to store all of the un-needed oil.

So what does this mean for our economy going forward?

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**Author:** ![timb](https://avatars.discourse-cdn.com/v4/letter/t/3e96dc/32.png) [@timb](https://forum.centerforinquiry.org/u/timb)\
**Post date:** [April 20, 2020, 10:10pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/3 "2020-04-20T22:10:57Z")

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Now, the Oil Companies are trying to give barrels of oil away. They may have to pay people to take them.

Strange days.

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**Author:** ![sree](https://avatars.discourse-cdn.com/v4/letter/s/5f9b8f/32.png) [@sree](https://forum.centerforinquiry.org/u/sree)\
**Post date:** [April 20, 2020, 10:30pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/4 "2020-04-20T22:30:14Z")

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Strange days, indeed. Nothing is moving. Life grinding to a halt. It’s not just the oil industry dying a natural death. It’s the lull before the arrival of the tsunami. May God have mercy on our souls.

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**Author:** ![timb](https://avatars.discourse-cdn.com/v4/letter/t/3e96dc/32.png) [@timb](https://forum.centerforinquiry.org/u/timb)\
**Post date:** [April 20, 2020, 11:54pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/5 "2020-04-20T23:54:07Z")

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Oil was valued at -$40.00 a barrel, at one point today. Man, if they had paid me $40.00 per barrel, to take their oil, I would have let them pack a hundred barrels in my back yard. (4 grand) Not bad. Then in a couple of years I could sell the barrels to whoever is running Thunderdome.

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**Author:** ![sree](https://avatars.discourse-cdn.com/v4/letter/s/5f9b8f/32.png) [@sree](https://forum.centerforinquiry.org/u/sree)\
**Post date:** [April 22, 2020, 2:58pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/6 "2020-04-22T14:58:39Z")

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What new path? Capitalism is patterned on the laws of Nature.

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**Author:** ![timb](https://avatars.discourse-cdn.com/v4/letter/t/3e96dc/32.png) [@timb](https://forum.centerforinquiry.org/u/timb)\
**Post date:** [April 22, 2020, 5:46pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/7 "2020-04-22T17:46:22Z")

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Fight! Fight! Fight!

Don’t let that other guy’s, opposite opinion stand, unchallenged.

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**Author:** ![sree](https://avatars.discourse-cdn.com/v4/letter/s/5f9b8f/32.png) [@sree](https://forum.centerforinquiry.org/u/sree)\
**Post date:** [April 22, 2020, 10:27pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/8 "2020-04-22T22:27:43Z")

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You should even challenged your own opinions if others are incapable of or unwilling to take you apart.

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**Author:** ![timb](https://avatars.discourse-cdn.com/v4/letter/t/3e96dc/32.png) [@timb](https://forum.centerforinquiry.org/u/timb)\
**Post date:** [April 22, 2020, 10:36pm UTC](https://forum.centerforinquiry.org/t/oil-glut/7239/9 "2020-04-22T22:36:47Z")

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Are you trying to polarize me against myself?