Everyone. No where to put it.
The Billiard world at $6 a barrel of oil
- Thread starter Dan_B
- Start date
Labor is the big expense for any employer, even if you employee is only make $10.00/hr, it cost the employeer way more to employ some because in other expenses.
I think the last thing that will go down is prices, I figured now would be a good time to get some outside work done, and at a discount, since everybodys been twiddling their thumbs for a month , wrong, they all have the same pool players dream of getting even for the last month in 1 job. The old toothpick into a lumber yard fantasy. 100 million people have wasted their lives chasing that demon. The beautiful one is the ads in every city from about 5 companies who don't have employees here. They get the job in New Jersey and bid it at triple normal cost and if some idiot goes for it , they sub contract it out and the guy flies into town does the job and flies back out.
I know thats what they are doing because several of them told me their time started when they left the airport.
I told them to just stay there.
I know thats what they are doing because several of them told me their time started when they left the airport.
I told them to just stay there.
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I haven't run the numbers in a while. I don't remember about hourly employees, but for salaried non-executives, you typically add 30% to 35% to Base Salary to cover the cost of other Benefits & Perquisites. And, many top employers have packages more rich than that.
That's about right from what I understand of the system I retired from. Now just think the American system is the only one in the world where the employer
is responsible for health insurance as a part of that package. If the employee were able to afford his own premiums and were his choice to buy or not, then the companies
could pay their people better and the economy would benefit greatly from it. Where pool is concerned that's a bit of double edged sword though. That would mean that room
owners could charge a little more for their rates.
Today, oil* traded down to a low price of -40.32. Notice the negative sign! That means that someone would have paid you $40.32 per barrel to take delivery of oil in May. That's right, instead of you paying money to buy oil, someone would have paid you to take the oil. Subsequently, oil rallied to -13.10.
* West Texas Intermedate crude//May futures contract
* West Texas Intermedate crude//May futures contract
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I bought a million barrels when it was at -$37, not sure where I’m going to put it, but I can’t wait for the check!
You could have bought 1 million barrels and received $37 million, then you could have sold 1 million barrels worth of the June futures at $21 per barrel, which is a contract to deliver 1 million barrels of oil in June in exchange for another $21 million in cash. Then you could have tried to hire enough tanker trucks to pick up your oil in May and drive back and forth across the US for a month, then returned to the delivery point in time to deliver your 1 million barrels of oil in June. Obviously, the last part would have been the crux!I bought a million barrels when it was at -$37, not sure where I’m going to put it, but I can’t wait for the check!
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The devil is in the details.
It looks like somebody found a way: the spread between the May oil futures and the June(or September) oil futures has narrowed considerably, which means people have been buying May oil futures and selling June oil futures. May oil is now trading at +5.00 and June oil futures are down 40% to +12.00.
So, in my previous scenario, if you had found enough tanker trucks to pick up your 1 million barrels of oil in May, and you had sold the June oil futures, which is a contract to deliver the oil in June, then today you could have told the tanker trucks that you were no longer were in need of their services, then you could have sold your May oil futures for a profit of $42 million (-37.00 to +5.00), and bough back your June futures for a profit of $9 million (+21.00 to +12.00), netting you $51 million. Not bad for a days work!
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Dont even worry about hiring the tankers, donate the oil to a charity for a tax write off on your original $37 million. :thumbup::thumbup:
Would like my address to send a fair cut of that cool $37 million I just helped you earn???:smile:
Just heard on the radio, listning to talk radio. Aprently there are Full Oil Tankers sitting off shore in the USA, unable to unload. Because the Oil Storage facility are full. Because people are not driving as much, commercial aviation is not flying as much.
USAF is up today above near where I live, USPS, UPS, Amazon, and other freight carriers are flying.
Gas prices & crude prices will rise when people start driving more.
Might be a good time to go shopping for a New Car, Pickup, Motorhome, or Motorcycle.:thumbup:
USAF is up today above near where I live, USPS, UPS, Amazon, and other freight carriers are flying.
Gas prices & crude prices will rise when people start driving more.
Might be a good time to go shopping for a New Car, Pickup, Motorhome, or Motorcycle.:thumbup: