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Major "oil price war" between Saudi Arabia/OPEC and Russia has begun, US producers expected to be "collateral damage"


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12 hours ago, Jason said:

Americans are myopic morons so I look forward to giant SUV and pickup sales spiking while this goes on. 

 

I'm buying a (used, smaller pickup) truck tomorrow. But not because of oil prices. I need it for all the work I'm doing on my house. But it will have the largest engine I've ever had in a vehicle I've owned.

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3 minutes ago, GeneticBlueprint said:

 

I'm buying a (used, smaller pickup) truck tomorrow. But not because of oil prices. I need it for all the work I'm doing on my house. But it will have the largest engine I've ever had in a vehicle I've owned.

I have an old beater Toyota Tacoma for when I need to go pick up lumber or dirt or whatevs at the house. I couldn’t imagine dropping 45k+ on a new truck.

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2 minutes ago, sblfilms said:

I have an old beater Toyota Tacoma for when I need to go pick up lumber or dirt or whatevs at the house. I couldn’t imagine dropping 45k+ on a new truck.

 

For reals. And that's what I'm buying for. Can't fit boards and drywall and rocks in a Honda Accord. I'm buying a 2002 Ford Ranger with 160k miles on it. My dad has the exact same truck he bought brand new when I was 15. Same color and everything. Though his has 230k miles on it.

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38 minutes ago, GeneticBlueprint said:

 

For reals. And that's what I'm buying for. Can't fit boards and drywall and rocks in a Honda Accord. I'm buying a 2002 Ford Ranger with 160k miles on it. My dad has the exact same truck he bought brand new when I was 15. Same color and everything. Though his has 230k miles on it.

 

You can rent a truck.

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2 minutes ago, GeneticBlueprint said:

 

That would be costly every time I went to the hardware store or lumber yard.

Yeah, when I was working on building the addition to my house, I was probably at the hardware store 3 times a week for 6 months :lol:

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1 minute ago, sblfilms said:

Yeah, when I was working on building the addition to my house, I was probably at the hardware store 3 times a week for 6 months :lol:

 

That's me right now. Remodeling basement. Took out the old gross carpet, paint, etc. Building a laundry room. Flipping the stairs. Vinyl floors. Then when that's done we'll do it all again on the main floor.

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1 minute ago, GeneticBlueprint said:

 

That's me right now. Remodeling basement. Took out the old gross carpet, paint, etc. Building a laundry room. Flipping the stairs. Vinyl floors. Then when that's done we'll do it all again on the main floor.

Fun fun! I gutted our house in 2017. It was a 40 year old house, about 1400 sqft down stairs plus two small bedrooms (400 sqft total). We cut the entire roof and second level off the house, raised the ceilings in the living room/dining room/kitchen, then added 500sqft in a guest suite and laundry/utility room space.

 

We also later framed out our big addition on the other side of the house, but I’ve been spending lots of cash on the theaters this last year buying out partners and buying the property the theaters are on, so it’s been sitting there doing nothing for a few months. Planning to finish that out over the summer though.

 

I love building stuff!

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2 minutes ago, ManUtdRedDevils said:

I’m jealous of handy people 


I was fortunate to grow up living by my grandfather who worked as an engineer in construction for 50 years. He taught my dad a lot, and since we were poor my dad would always have to build things or fix things himself. So my entire childhood was spent learning how to use tools and get stuff done myself. At this point, except for pouring concrete, I can build a house start to finish. Foundation work scares me too much to try :lol:

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8 minutes ago, ManUtdRedDevils said:

I’m jealous of handy people 

 

I've been relatively handy since I was a teenager for similar reasons to sblfilms. But YouTube has helped for matters where I lack experience. And, when push comes to shove, I'll pay somebody. I had somebody redo our entire electrical panel (combining two separate ones and moving them to one location) because that's life and death stuff I'm not going to gamble with.

 

2 minutes ago, sblfilms said:


I was fortunate to grow up living by my grandfather who worked as an engineer in construction for 50 years. He taught my dad a lot, and since we were poor my dad would always have to build things or fix things himself. So my entire childhood was spent learning how to use tools and get stuff done myself. At this point, except for pouring concrete, I can build a house start to finish. Foundation work scares me too much to try :lol:

 

My dad is an engineer. I built so many things and did so many projects with him growing up. Nothing is a better teacher than hands on experience.

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10 minutes ago, ManUtdRedDevils said:

Wow. I am going to call my dad tonight and let him know he failed as an engineer since I don’t know shit about tools and building. 

 

call the clergy in and reenact this scene

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So apparently the oil industry has been talking to Trump about a bailout package to help them out. Poor companies. Oh, and they are also advising him not to bring in any wide-sweeping paid leave program due to COVID-19. 

 

https://www.washingtonpost.com/business/2020/03/10/trump-oil-bailout/

 

Quote

The White House is strongly considering pushing federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak, as industry officials close to the administration clamor for help, according to four people familiar with internal deliberations.

 

Quote

Trump and advisers have been taking calls since Monday from concerned energy sector allies, who have voiced concern and at times exasperation not only about oil prices, but also privately warning against the administration supporting any sweeping paid sick leave policy, according to a major GOP donor and a White House official familiar with the discussions. 

 

  • Guillotine 1
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3 hours ago, sblfilms said:


I was fortunate to grow up living by my grandfather who worked as an engineer in construction for 50 years. He taught my dad a lot, and since we were poor my dad would always have to build things or fix things himself. So my entire childhood was spent learning how to use tools and get stuff done myself. At this point, except for pouring concrete, I can build a house start to finish. Foundation work scares me too much to try :lol:

 

 

I'm the complete opposite sadly. My dad did relatively well and worked a lot so whenever there was a problem he would just hire someone to come do it. So I'm like the least handy guy ever, which is a bit of a problem now that I own a house myself. 

 

He did start doing stuff himself when he retired out of boredom, so maybe there is hope for me yet. 

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18 hours ago, GeneticBlueprint said:

 

I've been relatively handy since I was a teenager for similar reasons to sblfilms. But YouTube has helped for matters where I lack experience. And, when push comes to shove, I'll pay somebody. I had somebody redo our entire electrical panel (combining two separate ones and moving them to one location) because that's life and death stuff I'm not going to gamble with.

 

 

My dad is an engineer. I built so many things and did so many projects with him growing up. Nothing is a better teacher than hands on experience.

When I gutted and rebuilt my first house (to live in) I almost killed myself redoing the circuit breakers.

 

Rewired the whole house and was finishing up changing breakers. Had the front panel off, was pushing a new breaker in, was tough, went to get leverage and grabbed the back. Then I was electrically stuck to the board, it was like slow motion as I watched my right hand go to reach to pull off my left (involuntarily); quick thought “that will kill you,” and leaned back and separated. 
 

I was single and lived alone, I would have just been in the basement cooking.

 

That was in 2007, I haven’t done any major electrical work since; anything more than changing a socket, a fan, a light, or switch, I pay someone. 
 

Similar handy upbringing to you and films. I get estimates just to see how much money I save, and to have the professional talk through the work they’d “do.”

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State-owned Saudi Aramco told to pump 13m barrels a day in effort to corner global market

Quote

The state order to raise Aramco’s “maximum sustainable capacity” comes after the kingdom launched a price war on rival petro-nations by vowing to raise its production by a quarter from last month despite an oil demand slowdown because of the coronavirus outbreak.

 

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45 minutes ago, sblfilms said:

Game respect game, Saudis. Cutthroat!

It's worth noting that even though Saudi extraction costs are $2.80/barrel vs $20+/barrel for Russia, the Saudi government needs the price to be $83.60/barrel to balance its budget.  Russia only needs $42.40/barrel to balance its budget. 

 

This means that both countries are going to use their substantial foreign reserves ($500 billion for Saudi Arabia vs $570 billion for Russia) as well as debt to finance this "war".

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16 minutes ago, Dodger said:

 

 

Well that explains it, Ohio has to have something going for it to get people to live there. 

Lol, there is plenty in my area. Arts, sports (sure they suck), Metroparks, education, health care, COST OF LIVING, low population.

 

Funny enough, it’s one of the areas of the county that is where the “uneducated” population is leaving (following manufacturing), while the educated are moving in (that cost of living).

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6 minutes ago, Commodore D said:

Lol, there is plenty in my area. Arts, sports (sure they suck), Metroparks, education, health care, COST OF LIVING, low population.

 

Funny enough, it’s one of the areas of the county that is where the “uneducated” population is leaving (following manufacturing), while the educated are moving in (that cost of living).


Dodger lives in Arizona, I believe. You have no need to defend where you live from him :p 

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