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Oil Prices Plunge Into Negative Territory for First Time in History

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Message Al Hirschfield
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Something bizarre happened in the oil markets on Monday: Prices fell so much that some traders paid buyers to take oil off their hands.

The price of the main U.S. oil benchmark fell more than $50 a barrel to end the day about $40 below zero, the first time oil prices have ever turned negative. Such an eye-popping slide is the result of a quirk in the oil market, but it underscores the industry’s disarray as the coronavirus pandemic decimates the world economy.

Oil well.
Oil well.
(Image by (From Wikimedia) Flcelloguy at English Wikipedia, Author: Flcelloguy at English Wikipedia)
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A rapidly aging boy from NJ, with a somewhat radical political bent, and stubbornly persistent anger issues...

The above photo is not of me but of an Indian holy man named Sathya Sai Baba. He is pictured here (in a photo taken in the (more...)
 

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