It’s happened on Monday and Tuesday this week. The speculative price for June delivery went to negative $37.63 a barrel. Yes -$37.63 a barrel.
There is now a glut of oil being produced. So much so they’re storing it on oil tankers and the like. It’s a perfect storm in oil right now because firstly the whole Russia vs. Saudi Arabia thing, then of course the COVID-19 thing that’s pushing down demand but supply keeps on.
As of right now a barrel of oil is at $14.29. Now I gassed up the car and paid $1.48 a gallon for gasoline. I think they’re choking up the refining to be honest. And I was reading on a site earlier about all those poor oil industry people. You know an industry that’s done so much to harm our environment.
Another thing I read is they can’t just shut off pumping oil out of the ground. Which is true. So I think it’s going to get more interesting as time goes on and this COVID-19 thing is around. Can’t complain about it costing only $18 to completely fill my tank. Ha ha ha ha ha.