At least this low, apparently:
Oil fell by as much as 45% to $10.02 a barrel
To put that in perspective: I was just getting out of high school in 1986, and now I’m in my 50s.
So yeah, that’s pretty significant.
Oil will bounce back off that low, it’s safe to say. Starting next month, the economy will begin to edge back toward normalcy.
But not total normalcy. No, not by a long shot.
The last time I checked, air travel is down by 96%. It will be a long time before people are boarding commercial planes at previous levels.
Many companies, moreover, are discovering that much of the business travel they were previously doing was unnecessary.
For fifteen years now, they’ve been touting the virtues of videoconferencing and remote work. In the post-COVID-19 world, corporations may put more substance behind those words.
All of which will contribute to lower oil prices, well into the future.