WASHINGTON – For the first time ever, US oil prices turned negative today, as a consequence of the Coronavirus pandemic – and further proof fossil fuels are too volatile a commodity to power our economies going forward. Without space to store the unprecedented oversupply, US companies were forced to pay to deposit the excess, and the price of crude oil fell to -$38 per barrel.
In response to the industry’s further plunge, Brett Fleishman, Associate Director, Fossil Finance Campaigns at 350.org, said:
“The deep fall of oil prices today is another powerful example of how fossil fuels are too volatile to be the basis of a resilient economy.
Since this crisis started, corporate lobbyists have been highly active, and oil and gas executives have been furiously asking for – and receiving – largesse from the US government. We are experiencing an unparalleled upending in our economies. And it is time for the fossil fuel industry to recognize that, from now on, the cheapest and best place to store oil is in the ground.
While this recession shows us that we desperately need sustainable, resilient, and stable economic systems, based on renewable, accessible and just energy sources, the fossil fuel industry is not only trying to profit off of the current chaos, but continues to drive us further into climate breakdown.”