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they're referring to that time spot prices went negative during the early pandemic when nobody was driving, demand was way down, and storage suddenly became a p
by waveBidder 2y ago
they're referring to that time spot prices went negative during the early pandemic when nobody was driving, demand was way down, and storage suddenly became a problem.
- Alupis 2y agoWe need to rub at least two brain cells together to conceive of anything resembling a viable plan. "Buying" some small amount of barrels during a rare market anomaly, then burying them in the ground is supposed to accomplish what exactly? Great, you buried 50,000 barrels of crude - congratulations. Now what are you going to do about the 20,000,000 barrels[1] the US will consume tomorrow? Look, oh no, your buried oil leaked into the water table! [1] https://www.pbs.org/wgbh/americanexperience/features/pipeline-us-and-global-oil-consumption/#:~:text=Library%20of%20Congress.,barrels%20of%20oil%20a%20day https://www.pbs.org/wgbh/americanexperience/features/pipelin....
- what-the-grump 2y agoAnd probably spent more energy transporting and burying that oil than you would have simply burning it or using it... Its insanity how people do not understand the basic principle that any work requires energy. Its why plastic recycling does so poorly, it often more efficient to make new plastic or burn it, than to reprocess it.