Social media is abuzz with memes on oil prices after the US crude futures plunged to $0 and then negative territory on Monday.
Coronavirus which has infected over 2 million people and claimed 170,456 lives so far has had a catastrophic effect on global oil prices. Storage related issues due to low demand propelled traders to pay others to buy the commodity.
Due to scarcity of storage space for crude oil, the US benchmark West Texas Intermediate (WTI) ended up trading at -$37.63. Oil prices did bounce back after a couple of hours and WTI traded at $1.450 per barrel.
Here's how netizens reacted to this unprecedented crash in US oil prices:
Oil cheaper than Netflix
You can buy a coke and crude oil at the same price, of course
Things you can now buy for a dollar now...April 20, 2020
Oil instead of water
Gonna start drinking oil instead of water to save money- Thor Benson (@thor_benson) April 20, 2020
Irony dies a thousand deaths
Investors have the last laugh
News:- The price of crude oil falls.
Meanwhile investors :- pic.twitter.com/P9uf9EpJr3- मार्तण्ड ढमढेरे (@suvicharak) April 21, 2020
A fun meme based on the confusion around negative oil prices was also seen doing the rounds on social media. The user by the name, Ankush Mali states, "What does negative means. Does it mean that by taking their crude oil, they are going to give us money." Back home, Niti Aayog CEO Amitabh Kant also took to twitter to state oil had become cheaper than "a bottle of coke". Kant tweeted, "History! Oil now cheaper than a bottle of coke! Never imagined this crash and coronavirus would both happen in my lifetime."