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Dennis Vogel:
This is a big deal: https://youtu.be/wQuXDvA8l24

When I was a kid the refineries paid to take #6 oil away. Now the futures contracts are paying big money to take 'crude' away?

lareli:
Back in January you voiced your concern about the Coronavirus. I wasn’t so sure there was any reason for concern at that time, but you were right.

If you say the status of oil is a big deal now, I’m inclined to pay attention. What do you suppose someone can do to prepare for what’s ahead?

Dennis Vogel:
I'm not sure but watch all the video. He talks about what to expect in the last five minutes.

You cannot just stop pumping oil without doing harm to most oil-wells.

So gas will be cheap for awhile but I expect $80 to $120 bbl oil within two years but probably sooner.

I wonder if this applies even though it's most likely talking about olive oil?

Rev 6:6  And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and see thou hurt not the oil and the wine.

Doug:
Hi Dennis,
I still feel there was a lot of fear about the virus but now studies are showing it is probably much wider spread but symptom free. It seems the death rate may be close to the flu and not the 2 to 4 percent. Sweden so far seems to be doing fairly well with some less harsh measures. If this continues there will be great pain from lost jobs. It has the potential to crash the global economy.

Regarding the video of oil collapsing if he is right most of us will become homeless and starve to death. Who would have the money to buy million dollar an a once gold? Would not the person who had the gold to be sold be killed for it. There would be lawlessness under his thesis. Gold may help you for a small period perhaps but not running out to purchase. He does own a gold company.

Do think much will change, including deflation first then maybe inflation. However no one knows. God knows and if this fellow is correct in his predictions the only thing we truly have is our Lord.

Please correct me if my thinking is wrong.

Dennis Vogel:
Everything you say could come true Doug. But maybe not. I'm just guessing like everyone else on the Internet.

What I did not hear is talk about the 'Petrodollar' which is very important IMO and prompted this topic.

"The petrodollar is any U.S. dollar paid to oil-exporting countries in exchange for oil. The dollar is the preeminent global currency. As a result, all international transactions, including oil, are priced in dollars. Oil-exporting nations must receive dollars for their exports, not their own currency." Google definition

The Federal Reserve is talking about creating even more Trillions of Dollars out of thin-air which would destroy any other currency. But the US dollar is currently getting stronger against other currencies because of the petrodollar and some other countries devaluing their currency by printing even more money.

We are the least filthy shirt in the laundry basket so to speak. But sooner or later it has to catch-up with us, IMO.

As you say Doug, we may be in a position of having no choice but to trust God to get us through this.

As far as the virus is concerned, refrigerated trailers are being used to store dead bodies around the world. That's never happened before where the dead pile-up so quickly, even if the annual count is not much higher than normal flu deaths. I realize at my age I may not be able to go out in public again for months or even years.

I struggled with posting this back in January. But I felt if I did not say something and some could have benefited from the post I had no choice but to bring it up and risk looking stupid. Same this time.

But sooner or later this is going to happen:

Rev 18:17  For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off, 

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