Oil Closed Today in Negative Numbers

63corvette · 04-20-2020, 04:45 PM

The oil patch in my part of the country is really hurting now.
Mostly small independent producers in the Texas Panhandle.
There will be many producers who will not survive this setback.
I grew up in the oil patch and have worked in the energy industry all my life until retirement and have never seen anything like this.
I remember oil at less than $10 a barrel for many years and I have purchased gas for my car for less than 10 cents per gallon for premium when in college in the 1960's. I was working at the Conoco refinery in Ponca City OK and I could get all the oil and grease products from the loading dock for free. I could just drive up and they would load what I wanted. I had a good stockpile of engine oil back then.
The oil industry has always been on a boom and bust cycle of 10 to 15 years it always would happen but nothing like this.
This is uncharted territory for a major industry and I worry more about a depression today more than ever.
Worry about going racing now is not a priority for many in the part of the country I live in today.
Rick Cates
Canyon, TX

04-20-2020, 04:45 PM	#1
63corvette Senior Member Join Date: Mar 2007 Location: Canyon, Tx Posts: 535 Likes: 117 Liked 281 Times in 88 Posts	Oil Closed Today in Negative Numbers The oil patch in my part of the country is really hurting now. Mostly small independent producers in the Texas Panhandle. There will be many producers who will not survive this setback. I grew up in the oil patch and have worked in the energy industry all my life until retirement and have never seen anything like this. I remember oil at less than $10 a barrel for many years and I have purchased gas for my car for less than 10 cents per gallon for premium when in college in the 1960's. I was working at the Conoco refinery in Ponca City OK and I could get all the oil and grease products from the loading dock for free. I could just drive up and they would load what I wanted. I had a good stockpile of engine oil back then. The oil industry has always been on a boom and bust cycle of 10 to 15 years it always would happen but nothing like this. This is uncharted territory for a major industry and I worry more about a depression today more than ever. Worry about going racing now is not a priority for many in the part of the country I live in today. Rick Cates Canyon, TX