# Oil set to plunge $10 on the open
**URL:** https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539
**Category:** Miscellaneous
**Created:** [March 8, 2020, 8:40pm UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539 "2020-03-08T20:40:16Z")
**Posts on this page:** 7
**Page:** 1
### Author:  [@Forum\_Administrator](https://www.mineralrightsforum.com/u/Forum_Administrator)
#### Post date: [March 8, 2020, 8:40pm UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539/1 "2020-03-08T20:40:16Z")
Saudi inaction on cutting production volumes points to a dramatic drop in oil pricing. See more at:
> **[Oil set to plunge another $10 on the open](https://seekingalpha.com/news/3549568-oil-set-to-plunge-another-10-on-open)**
>
> Veteran oil trader Mark Fisher tells CNBC's Scott Wapner that oil is indicated to open below $32 per barrel - nearly $10 less than where it closed on Friday, and about $15 per barrel below where it cl
---
### Author:  [@fjonesiv](https://www.mineralrightsforum.com/u/fjonesiv)
#### Post date: [March 9, 2020, 11:32am UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539/3 "2020-03-09T11:32:11Z")
Fair enough. This has been in the making for a couple of years. It’ll clean out the financially weak among industry producers. Certainly is not going to make for aggressive appetite among the mineral buying crowd. Those days were 2 years ago. Not that much news here—what goes up usually goes down.
For mineral owners, as most of us are, always be careful of making any knee-jerk decisions.
---
### Author:  [@dogslobber](https://www.mineralrightsforum.com/u/dogslobber)
#### Post date: [March 9, 2020, 9:24pm UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539/4 "2020-03-09T21:24:22Z")
“This has been in the making for a couple of years, it’ll clean out the financially weak among industry producers.”
Really? A “couple of years” ago, who saw a worldwide pandemic that will shut down the world economy?
---
### Author:  [@fjonesiv](https://www.mineralrightsforum.com/u/fjonesiv)
#### Post date: [March 10, 2020, 2:29am UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539/5 "2020-03-10T02:29:01Z")
Really? A “couple of years” ago, who saw a worldwide pandemic that will shut down the world economy?
I was speaking to the point of the US industry’s getting punch drunk on easy money, which leads to living well beyond one’s means, which leads to oversupplying the market. Then, it only takes 1 outside force (lower demand) to start the cards falling.
Cheap oil will entice higher demand, which will right the problem - in time. Maybe a lot of time. This will put an even further crimp in the renewables arena.
---
### Author:  [@Kenny\_DuBose](https://www.mineralrightsforum.com/u/Kenny_DuBose)
#### Post date: [March 10, 2020, 3:53am UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539/6 "2020-03-10T03:53:05Z")
---
### Author:  [@Brita](https://www.mineralrightsforum.com/u/Brita)
#### Post date: [March 15, 2020, 11:55pm UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539/7 "2020-03-15T23:55:12Z")
As foreign oil continues its instability, in time, the demand for US oil will increase.
---
### Author:  [@John\_Ross1](https://www.mineralrightsforum.com/u/John_Ross1)
#### Post date: [March 16, 2020, 6:29pm UTC](https://www.mineralrightsforum.com/t/oil-set-to-plunge-10-on-the-open/56539/8 "2020-03-16T18:29:30Z")
The problem with pricing wars is the product doesn’t disappear, it just changes ownership. I guess that’s enough to make it worthwhile for them, for awhile at least. The infrastructure turns to rust and the skilled labor finds something else to do so takes time to rebuild after prices rebound.
I guess that’s their aim.
Cheap oil will also take the wind out of solar, electric cars… and wind.
Maybe Salman’s IPO was all about creating a war chest of cash so he could afford to pull this off.