In the wake of the Covid-19 pandemic, the demand for oil has been at an all-time low. However, the oil producers continued to extract oil with the expectation that the demand will increase again at the end of the pandemic.
Consequently, an increased supply led to the price of crude oil dropping to an all-time low of -$40.32 for a barrel.
The situation may change once the pandemic ends, but for Twitterati, this meant just one thing – memes:
Oil, oil everywhere, not a drop needed.