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 …

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Oil price drop would have forced an indy Scotland to borrow 6% of national output

So as we go paddling towards some form of resolution to our budget crisis, the FT has some, er, good news for thwarted Scottish Nationalists, on foot of a simulation of oil revenues by the Office for Budget Responsibility… Had Scotland voted Yes to independence, it would now be looking at oil revenues of £1.25bn instead of £6.9bn in 2016-17 — its first year as a new country — while facing a deficit of close to 6 per cent of national income, …

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