Crude Oil Prices Crash & Plummet Below $0, Twitter Reacts With Memes

Among other things, the coronavirus lockdowns have resulted in the demand for crude oil to plummet to record lows. Airlines are closed, factories have stopped production and transport is halted. At the same time, Russia and Saudi Arabia’s global output has only been cut by 10% which means excess supply and a lack of space to store barrels, reports CNN.

According to BBC, the price of a barrel (May futures) for the benchmark for US oil West Texas Intermediate (WTI) crashed to -$40.32 and closed at -$37.63. This is the first time in history that they have turned negative, reports The Telegraph.

This downturn has raised concerns that many oil companies might go bankrupt. The only way to survive the crash is if demand rises. However, Twitter users are looking at the humour in the situation as they always do.

Memes have surfaced about oil prices falling below $0 along with jokes on how much of it we can buy with loose change and monopoly money. Check them out.

https://twitter.com/meme__lame/status/1252302653939347457

https://twitter.com/jiteshrochlani/status/1252326664039694336

While it is fun to think about how much oil we can buy now, we still very much have to stay indoors.

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