Tuesday, 21 April 2020

over a barrel

Though this extraordinary development has not yet translated to free petrol at stations, the total collapse in worldwide demand for oil and full reserves and reservoirs with no excess storage capacity, a key valuation benchmark in the market has inverted the price per barrel, failing to a negative thirty-seven dollars, meaning that traders looking to offload shares would be paying a premium to do so. The situation has been exasperated by America increasing domestic production through fracking, becoming a full-fledged, failing petrostate and glutting the market in the process and a price war between Saudi Arabia and Russia and highlights yet another problem with non-renewable fuel sources that’s a least been partially redress on the renewable market—that of portability and shifting energy and resources to where and where it’s needed.