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Oil just reached 10 cents per barrel.
This is what the collapse of an unsustainable system looks like.
This is what the collapse of an unsustainable system looks like.
UPDATE: The price of oil is now officially *negative*... !!
Wow.
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's no storage left for oil, so extra oil becomes worthless.
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'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.
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's literally true. Whatever emerges in the wreckage of the fossil fuel industry, it can't continue on like it was before.
We knew that oil was worthless before today. Now it's literally true. Whatever emerges in the wreckage of the fossil fuel industry, it can't continue on like it was before.
Right now, the price of oil is negative. It'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
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
