With highways empty and flights grounded due to the pandemic, demand for oil has dropped by around 30 per cent over the past few months. But production hasn’t dropped nearly as much, and the world faces an unprecedented oil glut.
With nowhere to store the oil coming out of the ground, and few buyers willing to take it, prices fell below zero on the North American oil market recently, and experts say it could happen again in the coming months.
HuffPost senior business editor Daniel Tencer tells us how negative oil prices are even possible, and what all this means for Canada.