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‘Memes ka Sailaab’ surfaced on internet after crude oil price dropped to below $0 a barrel

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’

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.

Read more: COVID 19 origin is still a mystery & China doesn’t want to be investigated

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.

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