Lowest Ever: US Oil Prices Fall Below $0 a Barrel

With no place to go, Americans aren't buying gas. This is why the oil market is feeling the effects of coronavirus, too.

The COVID-19 pandemic is having a heyday with the U.S. oil industry. Due to a decline in demand, the price of U.S. oil dropped below $0 for the first time since oil futures trading began back in 1983.

May delivery forecasts for West Texas Intermediate crude plunged 305 percent, landing at -$36.73 per barrel.

With oil producers running out of storage options for their excess crude oil, some may turn to actually paying their customers to come and take it, since it costs to both store and transport.

According to CNN, experts are most concerned about the excess in Cushing, Oklahoma, which is the main "hub" for crude oil production in the nation.

Early indicators show that the price could fall even further.

J. Moore

A synesthete who sees the world in vivid color, Joy is all about soaking up life experiences -- and then translating those experiences into words. Freckle-faced and coffee-fueled, Joy is on a personal quest to visit all 50 states in her lifetime (40 down!), see all the Broadway musicals, and eat all the tacos. For fun, she plays the piano, diagrams sentences, and solves true crime stories from her couch, along with her husband of 20 years and their teenage daughter.