Thank you very much @trendthis! I am very grateful for the support. I really do hope the topic covered in this post will generate some engagement, as it affects us all over the world.
Nothing even remotely close to being this consequential and long-term in nature has ever appeared in my lifetime.
Rob; Crude Oil closed this week at $19.69. That negative price, although touted and sensationalized in the media quite a bit, has little meaning in the "real world". Not trying to diminish the fact that we are going to be in a low oil price environment for an extended time, but we know how to handle it. This is not our first rodeo.
/CLM20 is the current active crude oil future contract. Closed at $19.69 for the weekend.
Excellent post. Just wanted to give it a positive spin. :)
Yes, understood @azircon. Along with food, the dramatic reduction in oil prices seemed a good "stand out" example of the unintended (?) consequences of what nations all over the world have done in response to COVID-19.
That said, I am aware you know far more about the oil industry than I do. I would be interested in your thoughts on the geopolitical consequences of this low price, e.g. on Russia, Saudi Arabia, and Iran. And on our own endless promises to print more money to bail everyone out, including the oil industry.
After all, as "everybody knows," the oil industry is "too big too fail" ...
Thank you kindly for commenting and adding value to this post! 👍