Anything real so fantasy could erupt we could have a fantasy economy around the world and then it started to really hit the peak we went so deep through the Looking Glass that we had that fracking with the red queen centrum right 1st of all they were never making any money but they had to keep on drilling faster and faster and more and more just to stay in the same place now were through the Looking Glass and the totally at the end of it in the past 2 years and all that is beyond that is a black hole and spaghettification because right now you know when we got to negative Interest Rates when time had no value that was one thing and we told you we were shocked we were like alarmed by this then now we have the negative the negative cost of of energy so like does equal mc squared any longer. Yeah i see where youre going with that and you know looking back at the history. Taken omics i guess you could say you know 1st you had stuff like agriculture and then you had factories and then you h
Fantasy could erupt we could have a fantasy economy around the world and then it started to really hit the peak we went so deep through the Looking Glass that we had that fracking with the red queen centrum right 1st of all they were never making any money but they had to keep on drilling faster and faster and more and more just to stay in the same place now were through the Looking Glass and the totally at the end of it in the past 2 years and all that is beyond that is a black hole and spaghettification because right now you know when we got to negative Interest Rates when time had no value that was one thing and we told you we were shocked we were like alarmed by this then now we have the negative and the negative cost of of energy so like does equal mc squared any longer. Yeah i see where youre going with that and you know looking back at the history. Taken omics i guess you could say you know 1st you had stuff like agriculture and then you had factories and then you had capitalism
Week yeah. This is the expiration day so what happens is you actually its tomorrow, but people are trying to prep it what happens is rusty braziel explains to me, the rollover from the may contract to june occurs tomorrow. The reason that happens is because the may futures price converges with cash and expiration so in other words, youre looking at what the real price is its not the futures price so what happens is that imagine if youre producing at 32 a barrel, 33 a barrel like occidental, thats just youre hurting nobody can make any money at these prices rusty points out that after seeing this, the next month, it might go to zero and thats i think a lot of it is because where will you put it maybe keep it in the ground. It is extraordinary and jarring. And i think its causing the decline. Carl, whats so amazing, it was completely predictable thats why maybe the decline isis really overdone if its based on oil if its based on other factors, i dont know it looks like oil is bringing th
Are doing here and why we are doing it, this is part of an ongoing series sponsored by the center that historical current issues. The center itself is strictly nonpartisan and the purpose of the program its not to advocate for any particular policies, but to provide Historical Context helping inform policymakers as they deal with difficult issues. I want to thank or acknowledge the Financial Support of the mellon foundation, which makes this briefing possible. I also want to thank regional weekly in the back of the room, which is the assistant director that helped organize this. I want to thank the office of gerry connolly, and also alert you to the fact that you all have index cards on your chairs. This is for questions. As the presenters are speaking, feel free to jot down questions. We will collect them. The second half will be devoted to q a. We will collect the questions and go from there. Thank you all for coming. David . Good morning. Thank you for coming. I have been Teaching I
Went so deep through the Looking Glass that we had that fracking with the red queen centrum right 1st of all they were never making any money but they had to keep on drilling faster and faster and more and more just to stay in the same place now were through the Looking Glass and the totally at the end of it in the past 2 years and all that is beyond that is a black hole and spaghettification because right now you know when we got to negative Interest Rates when time had no value that was one thing and we told you we were shocked we were like alarmed by this then now we have the negative in the negative cost of of energy so like does equal mc squared any longer. Yeah i see where youre going with that and you know looking back at the history. They can omics i guess you could say you know 1st you had stuff like agriculture and then you had factories and then you had capitalism or theyre going to try to underwrite the cost of these big factories by using limited Liability Corporations the