In today's big oil news …

As of today it costs more to store oil than the profits it makes oil companies. Here’s to hoping we don’t bail out this already heavily subsidized industry.

https://twitter.com/CNBCnow/status/1252224432468262912

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When I’ve speculated about what $10/gal gas would mean, I never dreamed I’d need to specify + or -.

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Yeah, the downside to this is it’s going to make gasoline ridiculously cheap in the short term.

The pandemic created a huge difference in a lot of businesses all over the world.
A lot of people prefer to stay at home and just buy stuff online. My car had a problem recently and instead of going to an auto service I just both the accessories that I need to replace on 4wheelonline. Lately, I just go outside to purchase food supplies that will last for a week.

I can see that there are only few vehicles on the road and not all of them needs to fill up their tank.

This is the case of the business media being worse than science media for once. The price of oil never went below 0. In fact it briefly dipped below 10 before settling around 15 where it is now. They are reporting certain futures contracts which have no relation to reality because derivatives upon derivatives upon derivatives.

If allowed to continue without interventionist policies that would bail out sectors of this industry, it’s a good thing as it will drive out of business horribly inefficient and polluting sources like shale oil and tar sands oil which never should have been developed to begin with. All those tar sands related pipelines will also go to waste now. Billions of dollars which could have been used to further renewables were wasted on these projects.