When WTI oil prices went negative

[midnight rambler]

I passed through the oil patch the other day. I learned something. In the spring of 2020 those with oil wells had to PAY to unload their oil - they were using all the frack tanks they could find to store oil. This graph shows $11.26 on 4/21 but I was told there were no buyers, only those wanting to get paid to take it off your hands. Funny how the usual suspects were able to just shut down the oil patch as the scamdemic was getting underway.

https://www.macrotrends.net/2516/wti-crude-oil-prices-10-year-daily-chart

Oh, and I also learned that the largest refinery in the country in Houston was sold to Aramco, and they have no obligation to refine US produced oil. In fact all refineries are going to offshore ownership. Do the math.

Also learned there is NO natural gas shortage whatsoever, there's just no infrastructure to collect it, process it, and transport it.

[ziero0]

"there is NO natural gas shortage whatsoever, there's just no infrastructure to collect it, process it, and transport it."

Takes time and money to develop electric natural gas transport tankers

[midnight rambler]

While there I also personally witnessed an oil well that got plugged in 1980 and was recently unplugged. That well is now consistently producing 100 barrels a day without being pumped. I was told that there are innumerable plugged oil wells that can still produce oil. At the time this well was plugged in 1980 oil was everywhere and cheap, and they were focusing on natural gas so it got plugged.

[monty]

While there I also personally witnessed an oil well that got plugged in 1980 and was recently unplugged. That well is now consistently producing 100 barrels a day without being pumped. I was told that there are innumerable plugged oil wells that can still produce oil. At the time this well was plugged in 1980 oil was everywhere and cheap, and they were focusing on natural gas so it got plugged.

I recall that they also plugged numerous wells in Colorado about that time. I have a son and a daughter living in Colorado who know nothing about these pluggged wells

[midnight rambler]

I recall that they also plugged numerous wells in Colorado about that time. I have a son and a daughter living in Colorado who know nothing about these pluggged wells

The owners of the mineral rights certainly know about them.

[monty]

The owners of the mineral rights certainly know about them.

Absolutely

[ziero0]

I've wondered why the rule Against Perpetuities doesn't apply to mineral rights.