Unprecedented Times For The Oil Industry

Photo by catmoz–4975455

What happens if crude oil goes negative?

This is a question I’d never thought I would ask, and yet here I am, jumping from one website to the other, looking for an answer.

You must have heard the news; they’re all talking about it: the US oil price has dropped below zero for the first time in history. It’s a big deal, you know.

The coronavirus lockdown is having a massive impact on our economy and I believe that after what happened yesterday, we all agree that the situation we are dealing with has nothing to do with the 2008 financial crisis.

What we are going through now is completely different from whatever we’ve seen in the past. With the world being frozen, the lack of demand was inevitable, but what’s going to happen now?

Hundreds of American oil companies risk to go bankrupt, which means that thousands and thousands of people could lose their jobs. On the other hand, though, this could be the turning point in our economic system.

It seems to me that this pandemic is forcing us to change the society we’ve built, and if we try to focus on the bright side, we can see that this could in fact be an opportunity. We could use this crisis to start from scratch and build a new economy based on social and environmental justice, which is what we should all hope for.

What do you think? Share your opinion in the comments below,

Brooxy

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