The Coronavirus Crisis Free-Falling: U.S. Oil Drops Below $2 Per Barrel As Demand Disappears

[womanofthehills]

Updated at 1:44 p.m. ET

How low will oil prices go?

A key American oil benchmark, West Texas Intermediate, fell by more than 80% on Monday as global oil markets continue to grapple with a pandemic-driven collapse in demand.

At the start of 2020, a barrel of WTI cost around $60.

Shortly after 1:40 p.m. ET on Monday, a barrel was trading for less than $2 — the lowest price the WTI futures market has ever seen.

The plummeting price of WTI is driven by a trading contract deadline; oil traders have until Tuesday to sell off the current futures contract. Other types of crude, without a deadline coming up that quickly, have not dropped nearly so sharply.

https://www.npr.org/sections/coronavirus-live-updates/2020/04/20/838521862/free-falling-oil-prices-keep-diving-as-demand-disappears

[guillaumeb]

1. And in spite of this, the Dakota pipeline owners are still pushing this pipeline

in spite of all of the negatives associated with it.

[womanofthehills]

4. Wow - that's so hard to believe

Kinder Morgan wanted to put a CO2 pipeline thru my land but when oil dropped to $50 a barrel they gave up the project.

[guillaumeb]

5. The pipeline would lead to a terminal/pumping station in Illinois.

And eventually, the oil would end up in China.

[Thomas Hurt]

2. Whatever will the OPEC sheiks do to pay for their next mega yacht

[getagrip_already]

3. and they are still draining the national oild reserves... n/t