Oil price lowest in 20 years

[Hamloc]

Hamloc

"Certainly Forage you are correct but to me this illustrates the extreme demand destruction of the coved-19 pandemic. "

You should be looking at the supply end. Putin and Saudis are purposely over producing to destroy the American oil industry. Covid 19 just conveniently came along at the right time.

Putin's goal is for Russia to become the super power of world, and he is doing it unchecked!

I certainly don't disagree on Putin. But the world's daily oil consumption is down 30%, eventually you run out of places to store it. Look at beef prices, what farmers receive for finished cattle is down 20%, cull cows are down over 25% due to slaughter plants being idled by coved-19. There is no doubt that Putin and the Saudis can hang on longer but when most cars and planes are parked less oil is being used.

[farmaholic]

farming101.....the statistician.....and chart guy...

How much oil does the US import? Do they export any? The answer to those questions will determine how world oil prices will affect them. I thought they wanted self sufficiency so they couldn't be held hostage by foreign oil? Canada is the one getting kicked ibn the nuts while they are already down! And there's nothing they can do about it.

[farming101]

In USD