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Old 20 Apr 20, 08:35 PM  
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#41
Pino_Spetzberg
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How will the price of oil affect pump prices ?
BBC News reporting it has recovered slightly but at one point today went negative.
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Old 20 Apr 20, 08:41 PM  
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#42
Trusty ian
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I saw that earlier! There's nowhere left to store the oil being pumped out!
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Old 20 Apr 20, 09:55 PM  
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#43
400ixl
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We haven't reached capacity yet, it's still a little way off. They have reduced output in the hope they won't reach the limit as countries release their lockdowns.

Edit, just seen the reports that the US has hit its limits for onshore storage. First country to do so. No doubt they will be rushing to grab more of the offshore storage capacity left.

In some ways it would be nice if they all run out of capacity and the price drops further, but that will also put people out of work.

Edited at 10:10 PM.
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