Oil prices

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.