(Michael Snyder) The insanity that we are currently witnessing in the financial markets is difficult to believe. Personally, even though I operate a website called “The Economic Collapse Blog” and I write about these things every day, when someone told me that the price of oil had fallen below minus 30 dollars a barrel on Monday I initially didn’t think that it could possibly be true. Yes, I always knew that it was theoretically possible that the price of oil could go into negative territory, but we had never seen such a thing actually happen before. And I knew that a crunch was coming as futures contracts expired, but I certainly did not expect the extreme carnage that we witnessed on Monday …
The post The Oil Price Collapse Is Yet Another Sign That Economic Activity Is Crashing Dramatically All Over The World appeared on Stillness in the Storm.
(Franz Walker) The economic slowdown brought about by the global coronavirus pandemic, compounded with the price war between Saudi Arabia and Russia, has sent oil prices into an 18-year low Monday. This was crude-oil future’s biggest percentage drop on record for any month or quarter, according to Dow Jones Market Data analysis, since 1983.
The post One-Two Punch: Coronavirus, Price War Sends Oil Prices to 18-Year Low appeared on Stillness in the Storm.
(John Vibes) The Shell oil corporation is burning off large volumes of ethane because they can’t sell it to their regular customer, which is a plant on the same property owned by ExxonMobil. The location is officially known as “Mossmorran,” and is used by numerous oil and gas companies. Residents near the property where the ethane is burning are complaining of pollution, light, and noise coming from the site.
The post Corruption EXPOSED: Shell Oil Corporation Burning Gas For Months Because They Can’t Sell It appeared on Stillness in the Storm.
(Jay Syrmopoulos) Beijing, China – In an effort to hedge against U.S. hegemony, and what could be a global game-changer, the world’s top oil importer, China, is preparing to denominate crude oil futures contracts in Chinese yuan to be convertible into gold. The move would allow oil exporting countries to bypass benchmarks denominated in U.S. petrodollars — creating what will almost certainly be the most critical Asian oil benchmark, according to a report by Nikkei Asian Review.
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