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Thursday, June 4, 2020
Home Letters Oil is at -(minus) 14.72 – US$2.85 a barrel

Oil is at -(minus) 14.72 – US$2.85 a barrel

Dear Editor,
For the first time in history, oil is at -(minus) 14.72 a barrel. That means oil producers are paying for a barrel.

The largest oil producer is the United States, but they consume their oil and import some. The largest oil exporter is Saudi Arabia, and second is Russia.

That means massive bailout for oil companies in the US. They already get billions in subsidies. Look for chaos in all oil-dependent economies like Trinidad and Tobago.

Look for a weakening of the petrodollar system due to the fact that people don’t need a lot of US dollars to buy oil. Deflation and then inflation will likely happen globally. The world changes today.

This will affect Belize’s oil production.

Your truly,
Brian Ellis Plummer

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