US crude fell to negative value for first time in history as stockpiles overwhelmed storage facilities, before rebounding to just over $1 on Tuesday.
The Dow industrials fell about 2,300 points, the index’s worst day since the 1987 crash, as fear over the impact of coronavirus roiled markets around the world despite actions from the Federal Reserve and European Central Bank.
The money spent was equal to the total amount of US student debt, more than twice as much as the Wall Street bailout of 2008 and nearly 30 times the net worth of former New York mayor Michael Bloomberg, the richest man to ever run for president.
“Trump has once again put the interests of oil and gas executives ahead of the interests of people and communities.”
This is the longest losing streak since June 2011, and it is yet another indication that we have reached a major turning point.