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Prices For Oil Go Negative


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#1 VictorMedvil

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Posted 21 April 2020 - 02:35 AM

It seems due to a surplus in oil and a lack of demand the price for oil has gone negative, Read more at https://www.bbc.com/...siness-52350082

 

 

P.S. We should switch to Thorium Cycle Nuclear Reactors now...


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#2 Thoth101

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Posted 21 April 2020 - 02:58 AM

Not good news for the oil cartel. :lol:  :lol:



#3 Flummoxed

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Posted 21 April 2020 - 04:03 AM

It seems due to a surplus in oil and a lack of demand the price for oil has gone negative, Read more at https://www.bbc.com/...siness-52350082

 

 

P.S. We should switch to Thorium Cycle Nuclear Reactors now...

 

I dont follow your jump from oil to nuclear, except it might give us an even cleaner environment.

 

The issue with steeply reducing oil prices is that it could fuel a deflationary cycle and further economic collapse. https://www.business...y-spiral-2015-2 https://www.economic...ing-oil-prices/

 

From a governments point of view, who gather most of their revenues from taxes, they will have to tax else where. It is unlikely that billionaires who fund the political parties would agree to tax increases, so those at the bottom end of the financial spectrum will be picking up the bill. 


Edited by Flummoxed, 21 April 2020 - 04:04 AM.


#4 Thoth101

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Posted 21 April 2020 - 04:16 AM

I dont follow your jump from oil to nuclear, except it might give us an even cleaner environment.

 

The issue with steeply reducing oil prices is that it could fuel a deflationary cycle and further economic collapse. https://www.business...y-spiral-2015-2 https://www.economic...ing-oil-prices/

 

From a governments point of view, who gather most of their revenues from taxes, they will have to tax else where. It is unlikely that billionaires who fund the political parties would agree to tax increases, so those at the bottom end of the financial spectrum will be picking up the bill. 

Not sure how much more they can tax us even more in the US. They already take half of all the money we make. But that is true they will be getting less taxes from gas since not as many people are pumping gas. Hmmmm maybe the governments will impload also. Furthermore what the big corporations don't understand also is if people don't have any money to buy products then the big corporations themselves are going to lose big profits. I wouldn't lose any sleep if Wal-Mart went out of business or any of these big monopolies. And if the governments all impload power to the people.



#5 Shruti1234

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Posted 04 May 2020 - 06:28 AM

The price of the West Texas Intermediate Barrel (WTI), the US oil standard, dropped to less than $37.63 per barrel.