Unbelievable Negative Oil Prices Today | How to Trade Stocks & Options Podcast

The man, the myth, the legend, Steve Burns came on the podcast to talk about what exactly is happening with oil... He thinks that there may be an underlying issue that oil is the first domino to fall...

According to Steve, gasoline consumption has dropped in the U.S. over 30% since the quarantine has started.   It slowly backs up the planes cutting back to flights, jet fuel in the world come to a standstill and drove it to a place that may hold contracts came into play. Nobody wanted to take delivery, to the point where they're willing to pay you to take delivery of their oil.  Whoever thought that anything like this could be possible especially not a commodity like oil which remember how many years ago. We thought that was Peak Oil and where oil was $140 a barrel. We thought we'd run out of oil and only not at peak oil but that year 2000 was the peak of gasoline and oil usage. It's been declining since then.  A lot of technology has replaced the need to travel and go places. Apps have replaced a lot of banking. Zoom has replaced a lot of business meetings.   Oil features contract plunging dramatically and people were shocked. It was crashing 40-50% early that morning.

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