Oil just reached 10 cents per barrel.

This is what the collapse of an unsustainable system looks like.

UPDATE: The price of oil is now officially *negative*... !!

Wow.

What this means:

Right now, our consumption of oil has plummeted during the pandemic lockdown.

Oil drilling companies (like Exxon & BP) are having trouble stopping the wells fast enough (takes time to do safely)

There& #39;s no storage left for oil, so extra oil becomes worthless.

Oil companies are storing extra oil every way possible: filling oil tankers and parking them offshore, putting oil into pipelines and turning them off. At this rate global oil storage will be full in a few weeks.

What happens if the lockdown continues beyond that? Nobody knows.

The takeaway here is clear, for those of us who care about climate: This system is unsustainable.

We knew that oil was worthless before today. Now it& #39;s literally true. Whatever emerges in the wreckage of the fossil fuel industry, it can& #39;t continue on like it was before.

Right now, the price of oil is negative. It& #39;s less than worthless.

Now is the time to imagine alternatives to the fossil fuel industry. The old world has collapsed. What comes next is up to us. https://thecorrespondent.com/385/we-arent-just-stopping-coronavirus-were-building-a-new-world/50968856015-625b9768">https://thecorrespondent.com/385/we-ar...