'We are on the verge of a massive collapse': Ex-Energy Secretary Perry says COVID-19 will ravage oil

[Yo_Mama_Been_Loggin]

Former Energy Secretary Rick Perry believes that the oil industry could collapse because of the dramatic decrease in demand worldwide caused by the coronavirus outbreak and a steep decline in prices.

"Our capacity is full. The Saudis are flooding this market with cheap oil," Perry told Fox News host Tucker Carlson on Tuesday night. "I'm telling you, we are on the verge of a massive collapse of an industry that we worked awfully hard, over the course of the last three or four years, to build up to the number one oil and gas producing country in the world, giving Americans some affordable energy resources."

Many U.S. states and countries around the world have ordered their citizens to stay home in order to contain the spread of the virus. And airlines have dramatically cut back on flights as the number of passengers has fallen off. Fewer cars on the road and planes in the sky means far less demand for oil.

Coupled with a dispute between Saudi Arabia and Russia that has resulted in an oil surplus, the price for crude as well as gasoline has plunged. The national average for gas in the U.S. is now below $2 a gallon.

https://news.yahoo.com/verge-massive-collapse-ex-energy-155602853.html

Maybe that's why "shit for brains" got rid of the Obama era mileage requirements.

[SWBTATTReg]

1. I am not to weep for the industry, they raked in hundreds of billions of dollars over the years...

and probably more and now they want us to feel sorry for them? What do they do w/ all of the money they rec'd over the years before? Obviously didn't save up for a rainy day. Incompetent.

[Goodheart]

2. Collapse, my ass.

Having to accept lower profits is not a collapse. Fuck you.

[hatrack]

3. A decade of leverage and billions in losses in fracking from coast to coast . . .

And all Gov. Cement Head can come up with is boo-hoo-hoo?

STFU, Rick. We're sure loving gasoline at $1.84/gallon when there's no place to drive to and nothing to do with money we no longer have.

Fuck. Off.

[mdelaguna]

4. Cry me a river

[lunasun]

5. Sometimes private businesses make bad investments or build resources that don't pan out

I would not think that all US taxpayers are going to pay to make up for those wrong choices when all taxpayers never really have reaped from the profits in the past like their stock holders

[ZZenith]

6. How can we help, Rick?

2 trillion be enough? 3? Take what you need, go ahead, we’ve got plenty.

WHO WILL THINK OF THE OIL COMPANIES?

[Thomas Hurt]

7. What fn oil company is operating month to month? LOL

He is talking about them like they are a poor family living paycheck to paycheck.

i bet these f**kers could carry all their employees for a few months, the stock holders are just going to have to suck it up.

[Calculating]

8. He's not talking about the oil giants like XOM and such

He's referring to the hundreds/thousands of small fracking/shale oil operations which took out loans to start up and are all gonna go bust. Whether you like the oil business or not, this is a serious matter for Americans employed in the oil industry as well as the millions of Americans who rely on oil stocks in their retirement accounts.

[greenjar_01]

12. Should have made better decisions

That's what they say to the people in our cities who never had a decent school or a fighting chance, right?

It says right there on the prospectus that you could lose some or all of your initial investment. Should have read those risk factors more closely. Oh, they didn't save the money they made working the fields? That's a shame. Should have laid off the flatscreens, avocado toast, country music festivals, and vacations to San Padre. Too bad.

[Goodheart]

13. Yeah, so?

Tell it to the third of Americans who are now out of work.

Retirement accounts?

[Roland99]

9. Guess what? Someone will buy up the scraps and keep the wells going

[Snake Plissken]

10. Rick Perry belongs in a prison cell

https://www.politico.com/news/2019/10/05/rick-perry-ukraine-trump-030230

Secretary of Energy Rick Perry was more involved in President Donald Trump’s extortion plot to pressure Ukraine for dirt on Joe Biden than previously known.

Perry replaced Vice President Mike Pence, attending the inauguration of Ukraine President Zelensky, which sent a warning shot to the new president that he needed to play ball with the Trump administration in order to receive support. That support included $400 million in congressionally-approved military aid. Ukraine is fighting Russia, which illegally annexed Crimea, a portion of Ukraine.

He was labeled “was one of the administration’s ‘three amigos‘ on Ukrainian policy

[greenjar_01]

11. Trump kissed the asses of the Saudis and Putin all for nothing

What a failure. What a ridiculous mark.

[nilram]

14. "giving Americans some affordable energy resources."

Guess what, Rick. Energy is even more affordable now.

Maybe the real goal was something different, like lining the pockets of you and your cronies.

Oops

[Takket]

15. Maybe we should give them a bailout

[JCMach1]

16. Let that invisible had of the market take care of it

Setting us up for the oil company bail out