Oil Didn’t “Crater” Today. It’s Been Cratering for Two Months.

Did the price of oil “crater” today? You decide! Here’s the price of Brent crude, which provides a look at an international benchmark that’s not affected by storage issues in Cushing, Oklahoma. As you can see, it’s been dropping steadily all year, and the decline accelerated at the end of February when COVID-19 started to hit the economy. Today it fell 15 percent, which is a pretty healthy drop. On the other hand, today’s decline just put it back on the approximate trendline it’s been following for the past two months.

So it’s not so much that oil cratered today, it’s that oil has been plummeting by about 1 percent per day ever since February 20. The question is: how long will it keep doing this?

HERE ARE THE FACTS:

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ONE MORE QUICK THING:

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As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

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