My new post: fossil fuels weren’t doing well even before Covid-19 hit, and their structural challenges will outlast the virus. Stimulus resources would be wasted on an industry in long-term decline. vox.com/2020/4/20/2122…
Good lord, I just published a post about this today, and still I'm gobsmacked. $5 a barrel! The cost of a fancy coffee drink!
Seriously this is crazy.
This thread explains: the $1 oil is somewhat of an artifact of a May deadline. But oil hovering around $10 for months is an open possibility.
Got any place to store oil? Maybe a back yard shed or something? You could make some money.
One thing to consider: normally, low oil prices -> low gasoline prices -> tons more driving. But transportation CAN'T snap back right now -- the virus is suppressing car & air travel & will be doing so for months, maybe years. So Big Oil is really [clears throat] over a barrel.
This being the darkest timeline, there's a real chance that Trump could force taxpayers to pay oil producers to leave oil in the ground. Read @liamdenning for more (on this & all things oil).
