Oil Crash 2020: 4 Top Oil-Stock Picks
Few industries have been harder-hit than the oil business this year. Oil prices have fallen more than 70% under crushing declines in oil demand. In the U.S., gasoline consumption has fallen to Vietnam-War-era levels, and crude prices have dropped to levels last seen in the 1990s. It's so bad that at one point this past week, U.S. crude oil prices actually went negative, as traders paid takers as much as $38 per barrel to take delivery of oil in May. That's right -- the "buyers" are going to get $38 per barrel, and the oil.
And it looks like it could be a long time before much of the industry can recover. Oil prices are only part of the problem; the bigger problem is a lack of storage for all the extra oil that's still being pumped by producers slow to respond to the collapse in demand.
Image source: Getty Images.
Source Fool.com
