First ever negative crude price!
16 January, 2016
North Dakota is actually paying people to take their oil! I made this joke earlier today when we watched the oil price fall by nearly 6%, I said, “Max, Saudi Arabia is going to lose this war because they can pump all the oil they want, the US can just print so much money and pay consumers to take their oil.” I was just joking. I didn’t mean for it to ever be real.
BREAKING: FIRST EVER NEGATIVE #CRUDEOIL PRICE IN NORTH DAKOTA @EnergyRosen @WoodMackenzie http://www.fhr.com/refining/bulletins.aspx …
Bear in mind that this particular grade of oil is sludgy crap and will cost a lot to refine, but still . . . what has the Fed wrought?