US Crude Oil Price Crashes To Below $1 Per Barrel
Crude oil prices in the United States of America fell to below $1 per barrel, for the first time in history.
The unprecedented development was caused by the coronavirus pandemic which left the world awash with oil and not enough storage capacity.
As a result, producers are paying buyers to take it off their hands, with crude oil traded as low as -$40.32 a barrel at the West Texas Intermediate, the US benchmark.
President Donald Trump reiterated his administration’s plans to open the federally-controlled strategic petroleum reserve to store excess oil that cannot find a home in commercial storage facilities. He said:
We’re filling up our national petroleum reserves, the strategic reserves, and we’re looking to put as much as 75m barrels into the reserves themselves that would top it out.
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We’re going to either ask for permission to buy it, or we’ll store it, one way or the other, it will be full.
