Oil prices have crashed so low that they will pay you to take it away…

The price of a barrel of oil is in freefall. From the New York Times:

Oil that is scheduled to be delivered in June fell 12 percent Monday to about $22 a barrel, but at the same time a benchmark for oil to be delivered next month was essentially deemed to be worthless. Owing largely to a quirk in the way that oil prices are set, the May benchmark actually fell into negative territory, suggesting people who had oil to sell were willing to pay people to take it off their hands.

The reason is obvious, lack of demand. I am sure your car is like mine and has been barely used in the past few weeks. With lack of demand they are running out of space to store the oil they are still producing.

Already you can get 500 litres of home heating oil for £140, it will be worthwhile keeping an eye on the price and filling up your tank for next winter.

Nippon Oil(Yamaguchi)” by kanegen is licensed under CC BY

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