U.S. crude oil prices plummeted into negative territory Monday for the first time in history. West Texas Intermediate tumbled down to -$37.63 a barrel for crude oil that was to be delivered in May. Price rebounded today to about $10.01 a barrel. Oil stocks have grown so much that oil producers have run out of space.
At the same time, gasoline stocks in the U.S. have grown to their highest levels ever recorded. The latest report from the U.S. Energy Information Administration (EIA) shows total stock levels at 262 million barrels—this is the highest weekly domestic stock level ever recorded by the EIA since it began reporting the data in 1990.
The growing supplies and dramatic drop in demand due to the coronavirus pandemic continue to send gas prices lower. For the week, the national average for regular unleaded loses four cents to $1.81 a gallon. The Oregon average falls seven cents to $2.47. This is the seventh-largest weekly drop in the nation.