Can’t Give It Away
On Monday, a barrel of West Texas Intermediate crude oil had less value on the market than a printed copy of this newspaper—which, under normal circumstances, is free. Anyone willing to accept delivery could expect to receive $40 along with each 42-gallon barrel. Demand for oil was already falling early in March, due to the coronavirus. Because Vladimir Putin was resisting his plan to keep oil prices comfortable by lowering production, Saudi Arabia’s fun-loving Prince Mohammad Bin Salman decided to start an oil price war against Russia. He jacked up production and offered big price breaks on Saudi crude. The combined effect was a glut …