“Elon Musk Day” was trending on Twitter yesterday as many, including myself, celebrated him on 4/20, but what wasn’t planned was oil prices crashing to $0. Actually, oil went past $0 and into negative territory. Oil futures opened at their lowest level since just after I was born, and then crashed harder.
— Tesla Owners San Joaquin Valley (@SjvTesla) April 20, 2020
Experts have been warning that the price of oil could dip into negative territory, but it’s a different matter to see it happen. Storage places for crude oil have been disappearing as demand has been drying up faster than the fake tears on my face. Honestly, we need to give Mother Earth a break, and what better way to do that than pausing everything from air pollution to oil demand?
Traveling by car or plane has become nonexistent as hundreds of millions of people — or billions of people — around the world have been in lockdown trying to prevent the spread of the coronavirus and COVID-19. Add in other economic activities that involve oil and we have an answer that reflects why the markets are crashing. Right now, oil isn’t needed.
It has gotten so bad that oil companies are willing to pay you to take natural gas from them. You can’t make this up. They are able to afford to do this while still making a profit even though oil prices aren’t high anymore. It was actually reported that profits were still high, but upon the price of oil crashing to below $0, what’s around the corner may be worse than what the industry sees now.
— Jewelry by Johnna (@JewelsByJohnna) April 20, 2020
Is it Fate having a laugh as Elon Musk is trending on Twitter along with oil prices dropping? Perhaps. After all, Elon Musk stands for humanity and clean energy, and invests his money into both. This is why many love him and why many hate him. Actually, I don’t know why many hate him — they seem to be bonkers. Why hate on someone trying to help people? It’s senseless.