Low crude oil prices have already achieved what regulators were seeking: to cut state production.
Midland, Texas, is ground zero for oil and gas production in the U.S., and much of the local economy, in some way or another, is tied to the industry. When West Texas Intermediate went negative for the first time ever…
At this point, oil is like that broken-down car you pay to have towed off to the junkyard.
If you're a consumer stuck in lockdown, you may not benefit from lower prices.
Demand for oil is falling so quickly that even a reduction in supply will take some time to affect markets.
Swooning demand means there's a lot of oil being produced but not consumed. That's making storage prices soar.
Low oil prices affect all producer nations. Each has different vulnerabilities.
Companies are using less oil to make and ship things. As consumers curtail travel, they use less oil, too.
There was talk that OPEC and Russia might together cut the world's supply of oil by one million barrels a day.
Coronavirus: OPEC-Russia consider emergency meeting to cut supply in response to anemic Chinese demand
Nervous traders are selling oil contracts first and asking questions later.