f7ben Posted July 4, 2022 Share Posted July 4, 2022 We are in a recession now and it’s going to get much worse. Demand will crumble and oil will indeed come cratering down. That’s just the facts. 1 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 4, 2022 Share Posted July 4, 2022 7 hours ago, DriftBusta said: Diesel was $5.69/gal on the water today in CT. Down from $7.29 a month ago. Nonoxy was $5.60 today on the river. Definitely not as many big boats out cruising this year. I'm not sure what diesel goes for, I don't think all the marinas have it here. 1 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 4, 2022 Share Posted July 4, 2022 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 4, 2022 Share Posted July 4, 2022 1 hour ago, f7ben said: We are in a recession now and it’s going to get much worse. Demand will crumble and oil will indeed come cratering down. That’s just the facts. Yup, it's already happening. GDP is going to shrink in Q2 which will officially put us in a recession. The stock market is down 20-25% this year. 10 year treasury is starting to come down too even though the fed is likely to continue to raise rates in the short term. Commodities are starting to pull back but labor, energy, and transportation costs are still fueling high inflation. Boat dealer I went by yesterday had a pile of expensive boats sitting there and a dozen Seadoos in the crate yet. I do think if the market comes down another 5-10% that it would be a very good time to buy. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted July 4, 2022 Author Share Posted July 4, 2022 5 hours ago, Rigid1 said: The same way as the last one he predicted 8 months ago..It's completely opposite of what he says.. Name one recession where the price of oil didn't collapse. I'll wait. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted July 4, 2022 Platinum Contributing Member Share Posted July 4, 2022 48 minutes ago, spin_dry said: Name one recession where the price of oil didn't collapse. I'll wait. Well since you claimed the same thing months ago, that it was gonna drop in a few weeks and it only went way higher,.. I'll ask you this..when is it going to drop? A few weeks, a few months, or once winter comes like it always does?? Next question is what are we going to see for prices?? You know, when you figure out your time frame for the drop.. Quote Link to comment Share on other sites More sharing options...
f7ben Posted July 4, 2022 Share Posted July 4, 2022 13 minutes ago, Rigid1 said: Well since you claimed the same thing months ago, that it was gonna drop in a few weeks and it only went way higher,.. I'll ask you this..when is it going to drop? A few weeks, a few months, or once winter comes like it always does?? Next question is what are we going to see for prices?? You know, when you figure out your time frame for the drop.. All that depends on countless things. One thing is for certain though. We are in a fed caused recession and it will be ugly and demand will crater and prices will crater with them. Quote Link to comment Share on other sites More sharing options...
Anler Posted July 4, 2022 Share Posted July 4, 2022 Iran is now trying to undercut oil sales to china from Russia. Seems like the only ones winning are the chicoms. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted July 4, 2022 Author Share Posted July 4, 2022 (edited) 3 hours ago, Rigid1 said: Well since you claimed the same thing months ago, that it was gonna drop in a few weeks and it only went way higher,.. I'll ask you this..when is it going to drop? A few weeks, a few months, or once winter comes like it always does?? Next question is what are we going to see for prices?? You know, when you figure out your time frame for the drop.. Rystad Energy released a rather alarming report yesterday. Global supplies of recoverable oil is plunging. It fell almost 9% over the last year. There's also a 120 billion barrel reduction in undiscovered energy resources. Given the gravity of that report, oil could still be heading upward even during an ugly recession. Edited July 4, 2022 by spin_dry 1 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted July 4, 2022 Author Share Posted July 4, 2022 3 hours ago, Anler said: Iran is now trying to undercut oil sales to china from Russia. Seems like the only ones winning are the chicoms. Russia experienced a 30% decline in oil exports so far. Their wells are also degrading. The only thing keeping them afloat is high prices. If they get undercut by Iran it'll be funny. Vlad won't be sending Iran any Christmas gifts. Quote Link to comment Share on other sites More sharing options...
Anler Posted July 4, 2022 Share Posted July 4, 2022 6 minutes ago, spin_dry said: Russia experienced a 30% decline in oil exports so far. Their wells are also degrading. The only thing keeping them afloat is high prices. If they get undercut by Iran it'll be funny. Vlad won't be sending Iran any Christmas gifts. Yeah the high prices that we created. Brilliant move. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted July 4, 2022 Author Share Posted July 4, 2022 2 minutes ago, Anler said: Yeah the high prices that we created. Brilliant move. People are making billions. Quote Link to comment Share on other sites More sharing options...
Anler Posted July 4, 2022 Share Posted July 4, 2022 12 minutes ago, spin_dry said: People are making billions. Oh ya Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Rigid1 Posted July 4, 2022 Platinum Contributing Member Share Posted July 4, 2022 1 hour ago, spin_dry said: Rystad Energy released a rather alarming report yesterday. Global supplies of recoverable oil is plunging. It fell almost 9% over the last year. There's also a 120 billion barrel reduction in undiscovered energy resources. Given the gravity of that report, oil could still be heading upward even during an ugly recession. Western energy released a statement tuesday saying the Biden administration is crushing them with regulations that are not conducive to production.... talking $310 barrels.. So a recession with super high gas prices................ So when's it going down?? 30 days?? 60? 90?? After November? Or 2024?? 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted July 5, 2022 Share Posted July 5, 2022 The Biden administration and particularly Jen Psaki need to better understand the oil industry and energy markets so that they stop spouting misleading statements about oil leases and other industry-related subjects. The reason there are 9,000 undeveloped oil leases is because companies do not want to invest the massive amounts of money and manpower necessary to drill for oil when the Biden administration is constantly threatening to impose new or increasing taxes, fees and regulations on the industry, and “working like the devil” through all the financial institutions to cut off their funding and “bankrupt them.” With the ban on lease sales on federal lands, Biden has shown the U.S. oil industry through his actions that he does not want to do business with them. He would rather import oil from OPEC, Venezuela and Iran than to further develop the U.S. oil industry. His actions speak louder than his words. https://www.instituteforenergyresearch.org/fossil-fuels/gas-and-oil/the-biden-administration-has-a-lot-to-learn-about-the-oil-industry/ 1 Quote Link to comment Share on other sites More sharing options...
Gold Member EvilBird Posted July 5, 2022 Gold Member Share Posted July 5, 2022 On 7/4/2022 at 7:54 AM, teamgreen02 said: Nonoxy was $5.60 today on the river. Definitely not as many big boats out cruising this year. I'm not sure what diesel goes for, I don't think all the marinas have it here. I was surprised how many less boats were out on CT river/LI Sound this year....yesterday at the lake same thing... Most people just cant afford it. Did see a decent amount of Go fasts out though not giving a fuck. Saw 3 big Cigarettes racing eachother hammers down Big Blocks just screaming. Then later in the night saw them ripping up river still hammering... I wonder what their gas tabs were this weekend. 🤑 I spent $300 between the truck and Boat. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted July 5, 2022 Share Posted July 5, 2022 4 minutes ago, EvilBird said: I was surprised how many less boats were out on CT river/LI Sound this year....yesterday at the lake same thing... Most people just cant afford it. Did see a decent amount of Go fasts out though not giving a fuck. Saw 3 big Cigarettes racing eachother hammers down Big Blocks just screaming. Then later in the night saw them ripping up river still hammering... I wonder what their gas tabs were this weekend. 🤑 I spent $300 between the truck and Boat. It's everywhere and no surprise whatsoever, the same thing happened when gas was high around 10 years ago. 1 Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 5, 2022 Share Posted July 5, 2022 7 minutes ago, EvilBird said: I was surprised how many less boats were out on CT river/LI Sound this year....yesterday at the lake same thing... Most people just cant afford it. Did see a decent amount of Go fasts out though not giving a fuck. Saw 3 big Cigarettes racing eachother hammers down Big Blocks just screaming. Then later in the night saw them ripping up river still hammering... I wonder what their gas tabs were this weekend. 🤑 I spent $300 between the truck and Boat. The tank on my PWC isn't even 8 gallons and I can buzz around all day on a tank so it's not too bad. Just not as many big boats going WFO down the river to follow. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member EvilBird Posted July 5, 2022 Gold Member Share Posted July 5, 2022 6 minutes ago, snoughnut said: It's everywhere and no surprise whatsoever, the same thing happened when gas was high around 10 years ago. 1 minute ago, teamgreen02 said: The tank on my PWC isn't even 8 gallons and I can buzz around all day on a tank so it's not too bad. Just not as many big boats going WFO down the river to follow. Yup ....I took a break yesterday and took out the Pontoon instead of the Baja. $25 is better than another $100 just to have the kids swim. This Winter is gonna suck. 2 Quote Link to comment Share on other sites More sharing options...
racer254 Posted July 5, 2022 Share Posted July 5, 2022 42 minutes ago, EvilBird said: I was surprised how many less boats were out on CT river/LI Sound this year....yesterday at the lake same thing... Most people just cant afford it. Did see a decent amount of Go fasts out though not giving a fuck. Saw 3 big Cigarettes racing eachother hammers down Big Blocks just screaming. Then later in the night saw them ripping up river still hammering... I wonder what their gas tabs were this weekend. 🤑 I spent $300 between the truck and Boat. It doesn't effect these people like it does the middle and lower classes. That is why the politicians in Washington don't really care. Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted July 5, 2022 Share Posted July 5, 2022 Oil crashing today. 10 year treasury back down to 2.8% even though the fed is expected to raise rates quickly in the short term. Total market down 1.5% today. Speculation is payrolls may be down and the economy shrank in Q2. Quote Link to comment Share on other sites More sharing options...
Gold Member EvilBird Posted July 5, 2022 Gold Member Share Posted July 5, 2022 1 hour ago, racer254 said: It doesn't effect these people like it does the middle and lower classes. That is why the politicians in Washington don't really care. Yup ....id say it doesnt effect them as much .....these were older Cigs not brand new ones...im sure they are wealthy but not billionaires. Still gotta suck either way to blow a G note on fuel for the day. But I get your point 100% Quote Link to comment Share on other sites More sharing options...
snoughnut Posted July 5, 2022 Share Posted July 5, 2022 11 minutes ago, teamgreen02 said: Oil crashing today. 10 year treasury back down to 2.8% even though the fed is expected to raise rates quickly in the short term. Total market down 1.5% today. Speculation is payrolls may be down and the economy shrank in Q2. Speculation? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Jimmy Snacks Posted July 5, 2022 Platinum Contributing Member Share Posted July 5, 2022 2 hours ago, EvilBird said: I was surprised how many less boats were out on CT river/LI Sound this year....yesterday at the lake same thing... Most people just cant afford it. Did see a decent amount of Go fasts out though not giving a fuck. Saw 3 big Cigarettes racing eachother hammers down Big Blocks just screaming. Then later in the night saw them ripping up river still hammering... I wonder what their gas tabs were this weekend. 🤑 I spent $300 between the truck and Boat. The Boyne Thunder Poker Run is this coming weekend here and it draws some damn nice boats …have a feeling they will all still be participating.👍🏼🇺🇸😎 2 Quote Link to comment Share on other sites More sharing options...
Gold Member EvilBird Posted July 5, 2022 Gold Member Share Posted July 5, 2022 1 minute ago, Jimmy Snacks said: The Boyne Thunder Poker Run is this coming weekend here and it draws some damn nice boats …have a feeling they will all still be participating.👍🏼🇺🇸😎 Fuck ya thats Awesome! Id be down at the docks drooling for sure. 1 Quote Link to comment Share on other sites More sharing options...
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