US oil markets created history Monday when prices of West Texas Intermediate (WTI), the best quality of crude oil in the world, fell to “minus” $40.32 a barrel in New York. Not only is this the lowest crude oil price ever known — according to Bloomberg, the previous lowest was immediately after World War II — but also well below the zero-mark. (Read our explainer on why that happened)
With nations around the world implementing lockdowns and a drastic fall in the consumption of oil, producers around the world have continued to pump oil causing causing a fire-sale among traders who don’t have access to storage. At this price, the seller would be paying the buyer of crude oil $40 for each barrel that is bought.
People on social media started comparing the price of one barrel of oil against other everyday items. People said a barrel of oil is now cheaper than a roll of toilet paper or a Netflix subscription, and the hashtags #OilPrices and #CrudeOil dominated social media trends.
Here’s how people reacted to the news:
— Jawad(جوادسردار) (@Jawadsardar14) April 21, 2020
— Akshit Ansh (@theakshitansh) April 21, 2020
— Sagar (@sagarcasm) April 21, 2020
— Darsh Ambaliya (@darsh_ambaliya) April 21, 2020
— DoersFeed (@DoersFeed) April 21, 2020
— Krishna (@Atheist_Krishna) April 21, 2020
— Ratanpreet Singh (@ratanpreet97) April 21, 2020
— Vrushabh Waral (@VrushabhWaral) April 21, 2020
— Farhang F. Namdar (@FarhangNamdar) April 21, 2020
Me to petrol pump attendant after filling my car’s petrol tank… pic.twitter.com/m5UJBhufxM
— Tweet_Bazz (@itweetbazz) April 21, 2020
When oil is practically free but you can’t go anywhere
— Powervati (@parvatisayss) April 21, 2020
*Crude oil price gets low*
Arab nigga : pic.twitter.com/1gVIaXyAgw
— Raiyu🖤 (@raiya_rza) April 21, 2020
Corona virus to Oil price: pic.twitter.com/Hn4I8qMZDQ
— MuSalman🇮🇳 (@mohdsalman064) April 21, 2020
— swarnim kumar (@iamswarnim) April 21, 2020
— Arpita singh (@being_arpita99) April 21, 2020
— lalllaaaaa (@Hello06726251) April 21, 2020
— Khayyam Salik (@KhayamSalik) April 20, 2020
— Tweeting Quarantino ➐ (@rohitadhikari92) April 20, 2020
US crude oil price falls into negative
Donald Trump : pic.twitter.com/QyFJIuo4yE
— Pakchikpak Raja Babu (@HaramiParindey) April 21, 2020
— Yash Gorani (@whoyashgorani) April 20, 2020
However, the crash in crude futures prices won’t necessarily translate into a crash in prices at the gas pump, said Tom Kloza, a veteran analyst with Oil Price Information Services.
“I think it’s more inside baseball,” Kloza said. “We’ll continue to see gasoline prices, diesel prices and jet fuel prices drift lower into May but one shouldn’t conclude that we’re going to see fuel given away or that we’re going to match these incredible, unprecedented drops we saw in crude oil today,” Kloza told Reuters.