U.S. crude oil May futures fell to $15.54 a barrel on Sunday, the Financial Times reported.
Oil futures were last that low in 1999.
Caution gripped Asian share markets on Monday on expectations a busy week of corporate earnings reports and economic data will drive home the damage done by the global virus lockdown, while a glut of supply sent U.S. crude spiraling to 20-year lows.
Japan reported its exports fell almost 12% in March from a year earlier, with shipments to the United States down over 16%. Early readings on April manufacturing globally are due on Thursday and are expected to show recession-like readings.
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When the oil futures were that low back in 1999, gas was .99 at the pump. Yes I have a good memory, and I have reminded people many times over the years that gas is never a given to remain high priced forever. The is some serious collusion by the oil companies and local retailers keeping the price exorbitantly high right now.
ReplyDeleteAs I read this article, the price is now at $12.00! Let’s just stay shut down two more weeks, our Nation’s financial system and economy should be just about totally destroyed by then. Just two more weeks please, and my Biden will come to the rescue.
ReplyDeleteTime for a gas tax to build infra-structure that both parties agree on
ReplyDeleteWell our damn gas stations need to DROP their gouging prices to 50 Cents
ReplyDeleteYet gas in Maryland still $1.90 a gallon
ReplyDeletePrices fall when?
ReplyDeleteNever - not as long as BIG OIL is in charge.
Fattening frogs (consumers) for snakes (BIG OIL)
Biggest Gougers in America & they get in NO trouble for it !!! WHY ????
ReplyDeleteThey Holding oil off the Market so the price Will Not drop & that should be
ReplyDeleteFkkkking ILLEGAL ILLEGAL folks !!!!!!
They don't care about us , & that Proves it !!!!
They will cry for Bailouts too very soon from your GOVT !!! Hell NO !!!
ReplyDeleteTime to Bail-out the American People this damn time !!! 2020
Down under $1.50 at 2pm.
ReplyDeleteTrump needs to order 50 cents per gal Price Cap All 50 states !!! NOW
ReplyDeleteGas is still high because of all the taxes they put on it. You could never have gas at .50 agallon because the tax is higher than that. Just like cigarettes. I can get a carton on a cruise ship for 25$ but ind MD have to pay 60$!
ReplyDeleteTake OFF the damn TAX during the Natl / World Emergency !!!! Fixed !!!
ReplyDelete