Oil Drops Below Zero a Barrel as Stock Market Takes Hit | Eastern NC Now

Publisher's note: This post appears here courtesy of the LifeZette, and written by Polizette Staff.

    The Dow Jones average fell 592 points on Monday and oil tumbled to -$36.73 a barrel, as global economic jitters combined with a worldwide oil glut sent oil prices falling into an abyss. This will hurt the economic recoveries of many nations including the U.S., Russia, all OPEC nations, and other energy exporters.

    Oil buyers will be paid to take delivery, as there are costs for transportation and storage. Ships full of oil will continue to be stranded on the high seas with no port to put into where they can get a good price for their cargo.

    Comments noted entrepreneur and financial analyst Joe Eways, "What this means is that they will have to stop production. The market has completely collapsed for oil and it doesn't get back on its feet until everything is open. These are basically giveaway prices... The gas stations have stopped ordering. Then refineries stopped producing. It all backs up. The market has fallen out of it. The only question now is how deep and long until we open up?"