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.
US crude oil futures settled at a value below zero for the first time in history. However, the contract structure of oil trading means there’s more nuance when it comes to the value of oil, so don’t expect to be filling up your car for free anytime soon.https://t.co/PJCk30zmbC— Twitter Moments (@TwitterMoments) April 20, 2020
Today, #WTI crashed from an open of $17.85/ barrel to a low of -$40.32/ barrel.— Prof. Steve Hanke (@steve_hanke) April 20, 2020
What is going?
Oil storage tanks are full to the brim.
Mark this day on your calendar. You will never see a day like it again.#OilPrices #OilCrash
The situation may change once the pandemic ends, but for Twitterati, this meant just one thing – memes:
Gonna start drinking oil instead of water to save money— Thor Benson (@thor_benson) April 20, 2020
Gonna tell my kids I was alive when oil hit $0— Soha (@SohaTazz) April 20, 2020
Oil is not well. #OilCrash pic.twitter.com/G3QkzLkmqR— Sand-d Singh (@Sand_In_Deed) April 21, 2020
me: *wakes up*— Akshar (@AksharPathak) April 21, 2020
US crude oil price falls into negative— Pakchikpak Raja Babu (@HaramiParindey) April 21, 2020
Donald Trump : pic.twitter.com/QyFJIuo4yE
#crudeoil— Yash Gorani (@whoyashgorani) April 20, 2020
Then Now pic.twitter.com/mLtwaTTqS4
#OilPrices #OilCrash— Tweet_Bazz (@itweetbazz) April 21, 2020
News: Crude Oil Prices fall below 0..
New prices are -37.63$..
Me to petrol pump attendant after filling my car’s petrol tank… pic.twitter.com/m5UJBhufxM
#OilCrash— MuSalman🇮🇳 (@mohdsalman064) April 21, 2020
Corona virus to Oil price: pic.twitter.com/Hn4I8qMZDQ
Me going to Petrol Pump #Crudeoilprice #CrudeOil #USOIL pic.twitter.com/jK0zvO7Ltc— #COVID19 #CoronaVirus Kanganatunga💧 (@Kanatunga) April 20, 2020
#crudeoil #OilPrices #OilCrash— JRism (@jiteshrochlani) April 20, 2020
*When you have recently filled your petrol tank of all your cars and bikes* pic.twitter.com/ToNUY0QHVJ
Crude oil price right now : pic.twitter.com/eLwOmPHyH6— ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ ㅤ (@theesmaarkhan) April 20, 2020
Crude oil ke rates negative hogaye hai lakhon barrel le lenge, fir uske sath wo paise bhi denge fir pic.twitter.com/SeTeRzeNz5— Mask 🎭 (@Mr_LoLwa) April 20, 2020
"Cruide oil prices gets low"— Aman (@humourously_urs) April 20, 2020
Me at petrol pump : pic.twitter.com/o7K4qijRyf
*Me and my boys planning to get crude oil and make some money*#OilCrash pic.twitter.com/VfEyAbwMMT— swarnim kumar (@iamswarnim) April 21, 2020
Baratiyon ka swagat #crudeoil se hoga.— Yash Gorani (@whoyashgorani) April 20, 2020
Crude oil right now#crudeoil pic.twitter.com/UbDNqFMIza— Tweeting Quarantino ➐ (@rohitadhikari92) April 20, 2020
#OilPrice Finally something is cheaper than the Zimbabwe currency ! 🤑 pic.twitter.com/KeV9ml0dK0— Ali (@AliAfSaleh) April 20, 2020
Just ordered 10$ worth of oil and it’s coming #OilPrice pic.twitter.com/bFkWxhuo8h— Chirayu Kapoor (@IamChiuKapoor) April 20, 2020
April 20, 2020
Without India’s contribution to mathematics koi Crude Oil ka price hee nahi bol pata.— Abijit Ganguly (@AbijitG) April 20, 2020
*Crude prices goes into negative*— डी.के. (@itsdhruvism) April 20, 2020
Me*At petrol pump* : Tanki Full kardo.
Attendant: Sir, 350 hua.
Me: Theek hai lao.
When you realise that the barrel costs more than the oil.#OilPrice pic.twitter.com/O9VfBQbGZb— Sanyam Baid (@Sanyam_jain7) April 20, 2020
A Netflix subscription is nearly 26 times more expensive than a barrel of oil #OilPrice pic.twitter.com/P3NQ0dw4iC— 𝐣𝐚𝐜𝐤 (@imchained2katy) April 20, 2020
I would like to buy 2 barrels of oil…— Encrypted Layman! (@freddyefaizan) April 21, 2020
keep the change #oilprice #OilCrash #Petrol pic.twitter.com/xDqO1TSplG
the year is 2020. oil is free and a dine-in hamburger is unattainable— kilgore trout, compulsory consumer (@KT_So_It_Goes) April 20, 2020
One of these cost higher than the other in the US right now. #OilPrice #OilCrash pic.twitter.com/OPyRaNeotL— Aliyu Kwarbai (@AliyuKwarbai) April 20, 2020
#OilCrash #Crudeoilprice #OilPrice#OilCrash#Petrol pump employe to customers 😂 pic.twitter.com/39h2IGN6in— Ashutosh Rajpoot (@ashu7r) April 21, 2020
One of these cost more thank the other.— A CORE BUHARIST💯🇳🇬 (@AhmadBadamasi7) April 20, 2020
Like for oil. Retweet for sanitizer pic.twitter.com/UhiO7WLrjG
Oil prices right now #Petrol #OilCrash pic.twitter.com/PADBhMDvS2— Cutting Chai (@specialcutchai) April 21, 2020
Oil, oil everywhere, not a drop needed.