A guy compared crude oil price to Netflix subscription, other said, he will drink oil instead of water to save money
Social media went into a frenzy with memes after crude oil prices went below 0$ on Monday. United States market created history when the best quality of crude oil, West Texas Intermediate fell to “minus” $40.32 a barrel for few minutes. However, the Crude oil price bounced back at $1.450 per barrel after two hours. This became the lowest known crude oil price in the world. Before this crude oil price had fallen below zero immediately after World War II.
People weren’t able to digest the fact.Some of the social media users started comparing it to other things. Some said that a barrel of oil is cheaper than Netflix subscription while some came up with creative and hilarious memes
Here are 10 such memes which will make you wonder, ‘should I also invest in crude oil now’
“Oil is valued at 0. Just how I value non-star kids”
~ Karan Johar pic.twitter.com/fz9emXyy5u
— Sagar (@sagarcasm) April 21, 2020
— Sand-d Singh (@Sand_In_Deed) April 21, 2020
— Abd El_Whab Abdelgawad (@ehabashraf47) April 20, 2020
Gonna start drinking oil instead of water to save money
— Thor Benson (@thor_benson) April 20, 2020
me: *wakes up*
— Akshar (@AksharPathak) April 21, 2020
US crude oil price falls into negative
Donald Trump : pic.twitter.com/QyFJIuo4yE
— Pakchikpak Raja Babu (@HaramiParindey) April 21, 2020
Things you can now buy for a dollar now…
— Wasif Riaz (@wasiffriaz) April 20, 2020
Me to petrol pump attendant after filling my car's petrol tank… pic.twitter.com/m5UJBhufxM
— Tweet_Baazz (@itweetbazz) April 21, 2020
— Yash Gorani (@whoyashgorani) April 20, 2020
— Krishna (@Atheist_Krishna) April 21, 2020
In the wake of coronavirus lockdown, the demand for oil has been at an all-time low. Almost half of the population around the world is under lockdown which has caused drastic fall in the consumption of vehicle-fuel.
Oil producers around the world have continued to pump oil because stopping the production can put them on backfoot. If they stop production now and restart it later, it will cost them more than giving the crude oil at a low price. They also might lose their buyer as the buyer will start buying from someone else if a company stops producing crude oil. The extra availability of oil has caused a fire-sale among traders who don’t have access to storage.
The oil production war between Russia and Saudi Arabia is also credited for the downfall of the crude oil price in the international market. Both the countries didn’t stop pumping oil even though the demand went very low. Now, both countries have agreed to cut down their oil production.
Have a news story, an interesting write-up or simply a suggestion? Write to us at email@example.com