What is the lowest oil has ever been?
The price of West Texas Intermediate crude oil futures expiring in May plunged 321%, to -$40.32 a barrel, the lowest level ever recorded.
Brent crude losses were muted by comparison, with the commodity sliding 9.5%, to $25.41 a barrel at intrasession lows..
What happens if oil prices stay low?
Lower oil prices mean less drilling and exploration activity because most of the new oil driving the economic activity is unconventional and has a higher cost per barrel than a conventional source of oil. Less activity can lead to layoffs which can hurt the local businesses that catered to these workers.
When was the last time oil prices were this low?
Inflation-adjusted oil prices reached an all-time low in 1998 (lower than the price in 1946)! And then just ten years later in June 2008 Oil prices were at the all-time monthly high for crude oil (above the 1979-1980 prices) in real inflation adjusted terms (although not quite on an annual basis).
What was the highest oil price ever?
Historically, Crude oil reached an all time high of 147.27 in July of 2008.
Why is the oil price dropping?
The substantial decrease in the price of oil was caused by two main factors: the 2020 Russia–Saudi Arabia oil price war and the COVID-19 pandemic, which lowered demand for oil because of lockdowns around the world.
How much oil is left in the world?
There are 1.65 trillion barrels of proven oil reserves in the world as of 2016. The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).