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Oil Plunges to 1 cent a barrel!!!!!! WTF!!!! Getting gas tomorrow!!!![nbcnews.com]

#oil #WTF
sassygirl3869 9 Apr 20
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2

Yeah. but heard on news that oil companies imcluded in stimulus package. I can hear Bernie, "Oh no. The Universe will implode if the oil industry doesnt make its billions every second."
I made that up- but I love when he does that.

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The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell as low as minus $37.63 a barrel
[bbc.com]
Producers are paying wholesalers to take the stuff off their hands!!

2

If low prices encourage more oil burning, that's not good. On the other hand billionaires who made it on oil aren't as rich now, which I think is good. Tesla is disrupting the oil industry, but need many more gigafactories. I'm confused about the long term effects of this price plunge. I think the oil companies and ICE car manufacturers will survive, but maybe they will be weakened.

Electric cars will have an impact on oil use, but oil will still be used for industrial processes.

1

Going to be awesome

bobwjr Level 10 Apr 20, 2020
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