Headline Roundup • April 20th, 2020
US Oil Prices Cross Into Negative for First Time Ever
Summary from the AllSides News Team
Featured Coverage of this Story
National Review (News)
Representative Alexandria Ocasio-Cortez (D., N.Y.) tweeted “you absolutely love to see it,” as the U.S. oil market reached negative territory for the first time ever, potentially putting hundreds of American oil companies out of business.
“This along with record low interest rates means it’s the right time for a worker-led, mass investment in green infrastructure to save our planet. *cough*,” Ocasio-Cortez tweeted.
She then deleted the tweet and rephrased it, saying “it‘s the right time to create millions of jobs transitioning to renewable and clean energy. A key opportunity.
Oil...
Washington Post
In these days of multitrillion-dollar federal deficits, a windfall of a billion dollars or so for the treasury may sound like a rounding error.
But a billion bucks is a billion bucks. And I’d rather have the treasury make the money for taxpayers’ benefit than for oil companies to end up with it, which is what’s going to happen if something isn’t done.
Now, let me back up a bit and explain what I’m talking about.
It involves making an unconventional use of the federal Strategic Petroleum Reserve to take...
CNN Digital
The American oil industry is facing a doomsday scenario.
The coronavirus pandemic has caused oil demand to drop so rapidly that the world is running out of room to store barrels. At the same time, Russia and Saudi Arabia flooded the world with excess supply.
That double black swan has caused oil prices to collapse to levels that make it impossible for US shale oil companies to make money. US crude for May delivery turned negative on Monday -- something that has never happened since NYMEX oil futures began trading...
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