Chronicles of the Virus Day 38. Supply and Demand.
I heard yesterday that oil futures fell on the stock market, so that, hypothetically, one could be paid to take delivery of oil in that month. What I don't remember is what month. I wouldn't mind taking in about ten barrels or so, and being paid for it. My only problem is I don't have a refinery. I understand that it is a problem of supply and demand. Since industry is pretty much suspended, and car and airplane travel have dropped, there's much less demand. Brent oil, which I think is the reference price for Europe (I'm not sure since I don't really follow the stock markets), is at around nineteen euros a barrel. Just a few years ago, it was around a hundred euros. I think the last time I put gas in my car was shortly after the quarantine began. At that moment, a liter of diesel was at €1.09 in our town. I just might go by the gas station to put in a couple of liters this week, just to see the price. Even though demand has gone down, though, the price at t...