Prices For Oil Go Negative

[Vmedvil2]

It seems due to a surplus in oil and a lack of demand the price for oil has gone negative, Read more at https://www.bbc.com/news/business-52350082

 

 

P.S. We should switch to Thorium Cycle Nuclear Reactors now...

[Thoth101]

Not good news for the oil cartel. :lol:  :lol:

[Thoth101]

I dont follow your jump from oil to nuclear, except it might give us an even cleaner environment.

 

The issue with steeply reducing oil prices is that it could fuel a deflationary cycle and further economic collapse. https://www.businessinsider.com/lower-oil-prices-deflationary-spiral-2015-2 https://www.economicshelp.org/blog/11738/oil/impact-of-falling-oil-prices/

 

From a governments point of view, who gather most of their revenues from taxes, they will have to tax else where. It is unlikely that billionaires who fund the political parties would agree to tax increases, so those at the bottom end of the financial spectrum will be picking up the bill. 

Not sure how much more they can tax us even more in the US. They already take half of all the money we make. But that is true they will be getting less taxes from gas since not as many people are pumping gas. Hmmmm maybe the governments will impload also. Furthermore what the big corporations don't understand also is if people don't have any money to buy products then the big corporations themselves are going to lose big profits. I wouldn't lose any sleep if Wal-Mart went out of business or any of these big monopolies. And if the governments all impload power to the people.