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I'm Curious to See People's Reaction to Something Unusual

The May benchmark price of oil actually fell into negative territory, suggesting people who had oil to sell were willing to pay people to take it off their hands. There is now more oil than storage space.

Just curious if SW members think this is a good thing or a bad thing for the US.

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MarkPaul · 26-30, M

I predict slippery Baby-trump will twist it to claim it's a win and "the anti-American & obedient base" will cheer.

Keepitsimple · 51-55, F

I’ve been watching that also! It’s crazy!

EmilyEdith · 56-60, F

It is good for the world economy, but we are at both ends of the oil market...
I think it's a wash for the U.S.🤔

PowerofStories · 61-69, M

@EmilyEdith I tend to agree. Lower cost for gas, plastics and other products made from oil. Will cause much of the US oil drilling industry (fracking, especially) to go bankrupt or at least hit pause and layoff employees for years.

EmilyEdith · 56-60, F

@PowerofStories That's such a huge piece of our industry.😑
The next few years will be interesting

4meAndyou · F

I've just been discussing that with a gentleman who feels it is a very bad idea. But you know, none of us are Nostradamus.

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PowerofStories · 61-69, M

@SW-User I'm a big fan of protecting the environment, but I think lower oil prices are a two-edged sword. There will be less fracking and oil extraction for sure. But low oil prices also encourage more driving and the purchase of less fuel-efficient vehicles.

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