U.S. oil futures, known as West Texas Intermediate or WTI, traded negative for the first time in history. It means that, for a while anyway, oil was less than worthless. Those holding the oil would have to pay for storage, just as one has to pay a garbage man to take away garbage.
This all came about due to an oil glut and lack of consumption, thanks to the coronavirus shut down as well as the oil price war between Saudi Arabia and Russia. The latter in particular would like to see US oil companies shut down and or go bankrupt. That would mean more American lost jobs, more defaults on mortgages and bank loans. It might also mean lower gasoline prices, but not many are driving right now because too many jobs have been cancelled.
But Muh Green New Deal!
Things are going to weirder as the economic truck races down a steep grade without brakes. What’s next, negative interest rates?
It’s time to reopen America and get back to work.
—Ben Garrison
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