The oil markets are on edge with oil sinking into the $20s per barrel. And last week we reportedon one place where oil is already trading in the single digits. Canada’s bitumen is selling for just $8 a barrel.
But even that rock-bottom price is higher than what one oil seller earned for a shipment recently. In a bizarre turn of events, Bloomberg reported that Flint Hill Resources, a refining unit owned by the Koch brothers, said that they would purchase sour crude from North Dakota for -$0.50 per barrel.
That’s right: a negative price. Oil has become so depressed that producers are paying buyers to take oil off of their hands.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
4 comments:
I'm no economist by any stretch of the imagination but, it would seem to me that depressed oil prices would be a good thing for the world economy. Why's it being played the opposite way?
Where do I sign up to purchase oil at these prices?
Where can I buy some.
The Saudi's are over producing oil in hopes of killing the Fracking industry.
Post a Comment