A Year Ago Today: Price of US oil turns negative for the 1st time in history – West Texas Intermediate, the benchmark for US oil, falls as low as minus .63 a barrel as worldwide demand falls

Oil. One of the most desired industrial products in the world. Many have fought and are still fighting wars over it. Some of the richest people in the world have started and kept their wealth though oil. No other time ever in history has it fallen that low, and it most likely never will again. Many believe that oil is only for the fuel but it is used for many other products. It makes up much of our plastics and other essential productions.

Our world is very limited in resources and eventually we will be completely out of anything that is to be considered essential. Oil is one of the more essential products in the world economy. Many times it is considered liquid gold, and for it at any point in history to fall as low as it does  it can only mean that what we expected of Covid affecting our economy must have been much larger to make “gold” virtually worthless.

What role do you believe resource scarcity will play in our economy in the next 50 years?

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