Very

shortly

(Within weeks perhaps)

It is likely that all the oil storage facilities in the world will be full.

Every large ground based tank that we are all familiar with.

Every refinery.

Every pipeline.

Every Very Large Crude Container that being leased out.
Everything.
Full.

Supertankers drafted in to store glut of crude oil

"Charter rates for giant vessels that can be used to store oil have more than doubled in the last month to reach highs of $350,000 (£280,000) a day as traders scramble to find space for crude that cannot be sold on to refineries.

Shipping experts told the Reuters news agency that 60 supertankers have been chartered to store oil, mostly off the coast of Singapore and in the US gulf coast, as well as smaller crude oil tankers.

The number has climbed quickly from between 25 and 40 super-large vessels at the start of the month, and 10 in February. The amount may triple in the coming months to fill up to 200 supertankers, according to the shipping experts."

They're even talking about storing it in salt mines for goodness sakes.

Well thats good it will mean prices will be cheap blah blah blah...

Yeah.

For a minute maybe.

With no place to store it?

They'll shut in the wells eventually.

And once they do that?

They will not be able to just open them back up.

Or if they do?

It will be at a fraction of previous production.

The Wave Of Shale Well Closures Has Finally Begun

"As Bob Bracket of Bernstein Research revealed last week, "Shut-ins are not easy decisions. When production shuts-in, problems arise. Multi-phase well flows begin to separate out, 
while problematic hydrates, waxes, asphaltenes form 
which will have serious economic implications," 
citing numerous examples of fairly large wells with flows exceeding 1,000 barrels/day that could not be brought back to life after being shut-in.

That's the main reason why even heavily indebted shale companies, including bankrupt ones like Whiting Corp. (NYSE:WLL), insist on continuing to pump at all costs.

It's not just gas prices.

Petroleum goes into almost everything:

A partial list of products made from Petroleum (144 of 6000 items)

One 42-gallon barrel of oil creates 19.4 gallons of gasoline. 

The rest (over half) is used to make things like:

Solvents Diesel fuel Motor Oil Bearing Grease

Ink Floor Wax Ballpoint Pens Football Cleats

Upholstery Sweaters Boats Insecticides

Bicycle Tires Sports Car Bodies Nail Polish Fishing lures

Dresses Tires Golf Bags Perfumes

Cassettes Dishwasher parts Tool Boxes Shoe Polish

Motorcycle Helmet Caulking Petroleum Jelly Transparent Tape

CD Player Faucet Washers Antiseptics Clothesline

Curtains Food Preservatives Basketballs Soap

Vitamin Capsules Antihistamines Purses Shoes

Dashboards Cortisone Deodorant Shoelace Aglets

Putty Dyes Panty Hose Refrigerant

Percolators Life Jackets Rubbing Alcohol Linings

Skis TV Cabinets Shag Rugs Electrician’s Tape

Tool Racks Car Battery Cases Epoxy Paint

Mops Slacks Insect Repellent Oil Filters

Umbrellas Yarn Fertilizers Hair Coloring

Roofing Toilet Seats Fishing Rods Lipstick

Denture Adhesive Linoleum Ice Cube Trays Synthetic Rubber

Speakers Plastic Wood Electric Blankets Glycerin

Tennis Rackets Rubber Cement Fishing Boots Dice

Nylon Rope Candles Trash Bags House Paint

Water Pipes Hand Lotion Roller Skates Surf Boards

Shampoo Wheels Paint Rollers Shower Curtains

Guitar Strings Luggage Aspirin Safety Glasses

Antifreeze Football Helmets Awnings Eyeglasses

Clothes Toothbrushes Ice Chests Footballs

Combs CD’s & DVD’s Paint Brushes Detergents

Vaporizers Balloons Sun Glasses Tents

Heart Valves Crayons Parachutes Telephones

Enamel Pillows Dishes Cameras

Anesthetics Artificial Turf Artificial limbs Bandages

Dentures Model Cars Folding Doors Hair Curlers

Cold cream Movie film Soft Contact lenses Drinking Cups

Fan Belts Car Enamel Shaving Cream Ammonia

Refrigerators Golf Balls Toothpaste Gasoline


Products made from petroleum


So the prices on everything are basically gonna go through the roof.here before much longer.
Add in 30+ million unemployed
and tariffs on goods from China,
some rampant
inflation from the central banks printing to much money
(because they will before switching over to cryptocurrencies)

Throw in a some war here and there:

Could low oil prices Spark A new war in the middle east?

Count on it.


What concerns me is, I can see them just pumping it straight into the oceans.
Just to keep the wells going.

Revelation 18:17-19 

In one hour such great wealth has been brought to ruin!’
“Every sea captain, and all who travel by ship, the sailors, and all who earn their living from the sea, will stand far off. When they see the smoke of her burning, they will exclaim, ‘Was there ever a city like this great city?’ They will throw dust on their heads, and with weeping and mourning cry out:

“‘Woe! Woe to you, great city,
    where all who had ships on the sea
    became rich through her wealth!
In one hour she has been brought to ruin!’"

Think it cant or wont happen?

Well...

I betcha didn't think people would give themselves
a $1.7 million tax break in the middle of a pandemic either.

You should be getting the idea by now.
It's almost like GOD said you know what?
Y'all should have figured this out by now.
But you haven't.
So I'm gonna turn the spigot off for you.
Since you didn't do it for yourselves.
Figure something else out.

.