Oil Futures Go Negative For The First Time Ever Amid Pandemic | All In | MSNBC

Oil Futures Go Negative For The First Time Ever Amid Pandemic | All In | MSNBC 1

 

For the first time ever, U.S. oil prices have plunged into negative territory, meaning people would pay you to take their oil. Why did this happen? And what happens next? Dan Dicker, expert on independent oil traders and energy markets, explains. Aired on 4/20.2020.
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Oil Futures Go Negative For The First Time Ever Amid Pandemic | All In | MSNBC

78 Comments on "Oil Futures Go Negative For The First Time Ever Amid Pandemic | All In | MSNBC"

  1. Looks like t’rump has been able to something Obama could never dream of doing!
    Congratulations? 🤔😄😆🤣

    • TDS: Trump Delusionment Syndrome

      A mental illness wherein the sufferer experiences the delusion that the molester Donald Trump, a second rate con man turned third rate fascist traitor, is actually concerned with the well being of the American people.

    • Yeah, throw thousands of oil workers into unemployment.

    • @Robert Pack so go the markets. Blame capitalism.

  2. If there’s anything Trump knows it’s being cheap and crude.

  3. It means “Go Solar”

    • @Spore Hux The oil may be cheap but it still needs to be transported and pumped at the gas station. These factors add to costs. How long do you think this “free” gas and oil will last once out economy recovers from this virus? Solar installation is on the rise and will increase for many reasons. You might want to check it out. Be informed.

    • Ronald Garrison | April 20, 2020 at 11:34 PM | Reply

      I’m a huge solar fan, to a point some would call crazy. But I have to say, in this context, almost any energy source is going to be subject to this same phenomenon to some extent. With wind and solar, prices often go negative at some times of day, and they have to cut back production. It’s usually called “curtailment.”

    • Jakob Peter Raahauge | April 20, 2020 at 11:49 PM | Reply

      @Ronald Garrison but there there is the interesting notion about sustainable energy that it isn’t unsupportable and that it, at least theoretically, wouldn’t be our demise. Actually having a sustainable economy and economic system, of course would need some measure of redistribution of wealth and Americans do seem to believe that sustainability and economic redistribution is evil in some manner.

    • Will solar energy provide jobs to the THOUSANDS of people unemployed by the crash in the oil/gas industry? Not everyone that works in oil is a Baron.

    • Youtubers rule Youtube | April 21, 2020 at 3:01 AM | Reply

      🌅⛅

  4. No bailouts for oil barons. Shareholders, not taxpayers, need to take this hit. ALL OF IT.

    • Ordering businesses and private persons not to work is government regulation KTBFF High. It is also tortious interference one way or another you authoritarian git this loss will have to be compensated.

    • KTBFF High, How can you possibly be so historically ignorant? Hoover’s relief programs were no where as big as FDR’s because he didn’t just print money to pay for them.
      Otherwise they both were big welfare guys.

    • People have been advised to not work. There are no curfews or martisl law.

      Not one single gas station has closed. The oil industry has not been regulated out of business. The oil industry is only experiencing a short term disruption in the business cycle.

      Anyone arguing oil companies have been regulated out of business is selling you the same trickle down lies Reagan & Bush used to destroy the middle class in the first place.

      It’s a demand for socialist protections for the 1%’s assets. It has NOTHING to do with protecting the actual economy, which functions entirely on demand & consumers’ dispisable income.

    • KTBFF High, I was ordered to shut down. My direct competitor had police show up when he didn’t. Buying a hundred gallons of gas a week for us is a light week.
      So how was that not mandated exactly?

    • @David Grover if you are under an explicit order to shut down, you have a case for compensation. That would be a case of direct government coercion of your capital assets.

      Your fuel suppliers have not been ordered to close. Market conditions changed by natural processes.

      Demand will resume when the pandemic subsides, & the capital assets will remain intact regardless of whether those assets’ current owners have sufficient liquidity to remain solvent.

      The American taxpayers owe nothing to capital speculators who didn’t see this coming.

  5. In Mad Max the fuel price sky rocketed and society broke down. This is the most boring apocalypse imaginable.

  6. The Rump’s authoritarian pals pull the rug out. Delicious irony abounds.

  7. What happens next?
    Americans are happy paying less than $20 for a full tank of gas

    • You think US Oil Company will even lower their prices for consumers? They are still going to price gouge the public. Americans will pay even though we should be protesting their ripoff scam.

    • I’m not paying dime Cuz I’m not going no where just sitting home due to the coronavirus sorry

    • Let’s see – a product you have to explore for, drill for, maintain facilities to produced ($5-$15 barrell) and refine is worth 2 cents a gain? This won’t last but in the meantime it will take out many lives and countries too. There are consequences and Wall Street is capitilizing on destroying 8% of the economy

    • audiotomb Yup! Perfect opportunity. Welcome to corporate America!

    • gas stations go bankrupt and when covid drama is over and people are out there will be very few gas stations still in business and unable to provide for everyone and gas prices are gonna skyrocket

  8. Ronald Garrison | April 20, 2020 at 11:30 PM | Reply

    I don’t think I’ve heard the word “crater” used that many times in 5 minutes since Apollo 11.

  9. Another record! So much winning!!

  10. Welcome to the reality of the underlying interconnectedness of all things.

  11. A few months ago we filled the reserves for $30 a barrel. What a dumb purchase.

    • Trump doesn’t know a good deal if it shat on him

    • HE USED OUR MONEY THAT SHOULD HAVE WENT TO HOSPITALS, TESTING, PPE, AND VENTILATORS…IS THAT WHERE OUR 8 BILLION WENT TO PAY FOR VIRUS? WHERE IS THE MONEY? 8 BILLION FOR VIRUS..FIRST STIMULUS….ONE BILLION, TRUMP RECEIVED FOR RENTING OUR TROOPS, TO SAUDI ARABIA…500 MILLION TRUMP RENTED OUR TROOPS TO S. KOREA….500 BILLION FOR BIG BUSINESS BAIL-OUTS….350 BILLION FOR SMALL BUSINESS STAY ALIVE FUND….425 MILLION FOR CYBER-TECH..TO PROTECT OUR VOTES FROM RUSSIA….WHERE IS THE MONEY? IT DID NOT GO TO HELPING AMERICA..OR AMERICANS…..THE DUMP FUND..NEEDS TO DRY-UP….NOW CONGRESS…

    • Of course Trump is master of art of the deal.

  12. Oil is DEAD!!! GO solar and EVs!!!😆😆😆

  13. We should have been done with oil already anyways. The only ones crying are trump greedy cronies.

    • @Kenshannon Jeter Freedom sucks doesn’t it. It lays so much responsibility on the individual. You got to get up, and do stuff. Work a job. Support the family. Provide for your own needs. Just give me a UBI, health insurance, and food stamps so I can hang down at the cabins. I mean the projects. Freudian slip.

    • @John Jones you do know its not a either or proposition right. Fossil fuel is not the only game in town to produce electricity and you can have trade offs. For example, use fossil fuel to produce green energy jobs so one day (hopefully soon” we wont need to use fossil fuel at all, its called a transition phase.

    • @mike askme I share that hope for a brighter future, but we are caught now with our pants down. We are to tied to fossil fuels at this moment, and to attempt to make a complete change of it is nothing but fantastical thinking. That must come gradually, and men must be willing. In the middle of a world economic crisis, and a global pandemic we cannot make changes like that. We will be lucky to survive this.

    • @Kelly Fehr Bernie is not FDR.

    • @John Jones The Hoover Dam was built during the depression as a “make work project” but the benefits. Nobody picks themselves up until they hit rock bottom. If ever there was ta time for change 60 yrs ago was it. Better late than never.

  14. altitude illume | April 21, 2020 at 12:39 AM | Reply

    trumpf is cheap crude and nobody will take him anymore, also.
    world is going solar and wind, anyhow.

  15. Anyone remember the recession about 11 years ago and gas was about $4.50 per gallon and Oil Companies were POSTING $UCCE$$IVE RECORD PROFIT$$$? FRICK THE OIL COMPANIES!

    • I remember it being reported back then one of the oil companies claimed $50 billion in profit. Said same company labeled that as a “modest” profit. Let them drown in their own supply.

  16. Tequila D'killa | April 21, 2020 at 12:44 AM | Reply

    WOW!
    Another “Art of the Deal”
    trump bought oil just before the price collapse !!!
    Like he said: “I’m gonna run this country like one of my companies”
    Another one of his bankruptcy is just around the corner ….
    But this time it’s an entire country …

  17. Vicki Ross Tudor | April 21, 2020 at 12:47 AM | Reply

    Trump is the equivalent to Godzilla lumbering through New York City demolishing everything in it’s path.

  18. Beyond Batcoif | April 21, 2020 at 12:58 AM | Reply

    Only Trump could try to pump the price of oil, and drive it to -$37.

    • So if America oil became negative, how about Saudi? That country has nothing but oil right?

    • @Fyn Kozari The Suadi’s are smart, they are using their oil revenues to invest in green energy as should all oil producing countries.

  19. *GREEN ENERGY INDEPENDENCE NOW!*
    *GREEN ENERGY INDEPENDENCE NOW!*
    *GREEN ENERGY INDEPENDENCE NOW!*
    *GREEN ENERGY INDEPENDENCE NOW!*

    • Not clear what you mean to say.Could you repeat it 76^615 times?

    • I mean Scottish homes will be all good without the tankers off the east coast. Travel is drastically cut. Really, if anything, this is a brilliant tragedy. Our only proper issue here is taking too much to meet demand that might not come.

    • Press Kevin To Continue | April 22, 2020 at 4:57 AM | Reply

      Nah gas is cheap now lol

  20. Elon Musk laughter intensifies

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