Its a move no one seen in decades on monday oil prices plunged into the negatives prompting President Trump to make this announcement were looking to put as much as 75000000000 barrels into the reserves themselves that would top it out it would be 1st time in a long time its been good for the right price. Now adding that much oil is a major task but where do you store it meantime Oil Prices Continue their downward spiral today for more on all of this lets bring in our fronsac shes been following the story and this is the 1st time in history right that that oil has dropped below 0 right now and you know this is really a domino effect all from the coronavirus now people have these stay at home orders so people are theyre driving less no ones. Flying anywhere so you have all this extra oil not being used and theres only so much oil the world can store and were already bumping up against the limits of Storage Capacity and thats why were continuing to see the price to continue to sink now a
Its a move no one seen in decades on monday oil prices plunged into the negatives prompting President Trump to make this announcement were looking to put as much as 75000000000 barrels into the reserves themselves that would top it out it would be 1st time in a long time its been good for the rate brace. Now adding that much oil is a major task but where do you store it meantime Oil Prices Continue their downward spiral today for more on all of this lets bring in our friends actually been following the story and this is the 1st time in history right that that oil has dropped below 0 right now and you know this is really a domino effect all from the coronavirus now people have these stay at home order so people are theyre driving less no one. Flying anywhere so you have all this extra oil not being used and theres only so much oil the world can store and were already bumping up against the limits of Storage Capacity and thats why were continuing to see the price to continue to sink now
Photo courtesy of Birch Aquarium at Scripps Institution of Oceanography at UC San Diego Birch Aquarium at Scripps Institution of Oceanography at UC San
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