Today was a brutal day for the oil market. It collapsed. Its price dropping below zero for the first time ever. In all, the price of oil dipped by over 300 percent. At one time, a pack of Wrigley’s Juicy Fruit gum was more expensive than a barrel of oil. This drop also accompanied a rather bad day on Wall Street as well (via The Street):
??????BREAKING??????— Javier Blas (@JavierBlas) April 20, 2020
WTI OIL FUTURES TRADE AT NEGATIVE PRICE FOR FIRST TIME EVER | #OOTT
The Dow Jones Industrial Average finished down 592 points, or 2.44%, to 23,650, the S&P 500 declined 1.79% and the Nasdaq slipped 1.03%.
U.S. crude futures for May delivery, the near-term contract, sank to their lowest level on record Monday, falling to negative $52.24 a barrel as traders fretted over the capacity of storage facilities both in the U.S. and abroad. Contracts for June delivery ended down 18.3%, at $20.03 a barrel.
"In my view, the plunge in oil prices speaks to the decline of global growth as demand dries up," said Dan Russo, chief market strategist at Chaikin Analytics, a quantitative investment research firm based in Philadelphia.
This is more bad news for the energy industry, who were bracing for tens of thousands of jobs to be wiped out due to the slowing economy. Some estimates have 50-75,000 jobs lost, while others are as high as 200,000. Like other sectors of the economy, this could get brutal and that means more pain for scores of American families. So, how did Democrats treat this news? Well, for some, like Rep. Alexandria Ocasio-Cortez (D-NY) the thought of joblessness for legions of Americans due to oil being torpedoed was one of joy.
Progressives are for the working class*!— Julio Rosas (@Julio_Rosas11) April 20, 2020
*Terms and conditions apply pic.twitter.com/ellbIbT6V5
AOC is gonna blame us on the right for supposedly twisting her now-deleted tweet, isn't she? pic.twitter.com/APqk1g4t0F— Curtis Houck (@CurtisHouck) April 20, 2020
Imagine a Republican tweeting "You absolutely love to see it" about millions of people's lives being ruined like @AOC just did.— RBe (@RBPundit) April 20, 2020
Seems Nancy Pelosi rang up @AOC and had her delete the tweet where she says she "absolutely loves to see" millions of people's livelihoods getting wiped out.— RBe (@RBPundit) April 20, 2020
LUCKILY, @JesseKellyDC screencapped it: pic.twitter.com/vVrFmMZQg7
As long as she still has a job (along with her friends in the far-left media), it's still all fun and games. https://t.co/xqASQE0tKK— Curtis Houck (@CurtisHouck) April 20, 2020
“You absolutely love to see it,” she said in a now-deleted tweet because it provided a path to get some vestige of the Green New Deal started.
Yeah, those Democrats are the real party of the working man, right? Is that why Nancy Pelosi is gumming up the works on small business loans as she remains hunkered down, well-fed by her two massive refrigerators that cost $24,000 each?
Let them eat cake is the new motto for the limousine liberal, and I guess cracking eggs to make an omelet is the new far-left mindset. Oh wait—these attitudes were always a cornerstone of this despicable bunch.
On April 16, Weatherford International, which is based in Houston, Texas, announced they were cutting 6,000 jobs in a single day,
“You absolutely love to see it,” says the far-left. Absolutely disgusting.
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