Crude Oil is $1.06 per barrel right now, dropping an additional 92%

submitted by magnora7 from (finance.yahoo.com)

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[–]Tom_Bombadil 5 insightful - 2 fun5 insightful - 1 fun6 insightful - 2 fun -  (2 children)

The US dollar is tied to Oil.

The Petrodollar.

IS the dollar now worthless...???

[–]magnora7[S] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Less than worthless! lol

But in all seriousness, this could be the type of problem that causes a mass dumping of petrodollars (read: US currency) which could flood the market with USD and cause hyperinflation.

[–][deleted] 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (0 children)

-38.40 right now. How the fuck...

[–]magnora7[S] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (1 child)

Scratch that, oil is now $0.11 per barrel, a 99% drop. In just the last 8 minutes since I posted this. What the actual fuck.

I wonder if it will go negative temporarily?

[–]magnora7[S] 3 insightful - 2 fun3 insightful - 1 fun4 insightful - 2 fun -  (0 children)

Yup now it's -1.43 according to my friend, holy cow....

This says it hit -3.70

https://www.cnbc.com/2020/04/20/oil-markets-us-crude-futures-in-focus-as-coronavirus-dents-demand.html

[–]zyxzevn 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

I think this is used by the banks to take over the oil industry completely.
Maybe tight to their social-credit system.
Oil will be worth a lot as soon the crisis is over.

[–]Tom_Bombadil 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

That's a good point. You're probably right.

[–]JasonCarswell 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (0 children)

-15.6300 since Horrux 2 hours ago. Bouncing back?

Can't even buy a barrel for the oil for $1.06.