For obvious reasons, we are driving less, but still: What is your take the cost of a barrel of oil going sub-zero? Some places the price of gas is below a dollar a gallon.
The price isn't going sub-zero, as I understand it. It's the price of futures contracts that have gone into negative territory.
Basically a bunch of suits on Wall Street who gamble on the Futures Market. They overpaid for some bets, tried to sell them off and discovered no one wanted to buy them - so they had to pay people to take them off their hands.
But, still, Russia and Syria affected the prices as well.
Yes, prices are dropping. However the stories about sub-zero prices aren't really true. No one is selling petrol in negative territory. It's onlyt the people playing with futures contracts that aren't able to get a price, and that's purely speculation. Serves them right IMO
There is an oil glue because of an oil war going on between syria and russia over some oil disagreement. a number of the middle east countires increased the amount of oil they were producing way up to drive the price down and now there is a big glut of oil. trump got them to settle their differences but there is a big overproduction of oil The only price we are paying now for gas is the taxes. Taxes often make up half the price of gas.
Actually yes, some places are paying shippers a nominal price to remove oil. Stopping production is more expensive than doing so even when the shippers have no buyers to supply. So whoever removes the oil will pay to store it one way or another.
https://www.theguardian.com/world/2020/ … elief-fund
Great article! I recall being in Aruba and seeing oil tankers just off the coastline waiting for the oil prices to go up higher, so they could come to port and make more money.
All I know is that heating oil is at the lowest price for 5 years so it's time to fill the tank to the top!
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It fluctuate between $ 148 per barrel to $ 33 per barrel.
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