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In a first, crude oil prices have hit an all-time low and dropped to below $0 a barrel. This unprecedented development has led to the world raising a serious doubt on the prevailing economic conditions. While this is only a temporary phase that has most likely arisen due to lack of demand amidst COVID-19, and the oil prices will pick subsequently, the rarity of the event has sent social media into a frenzy.
“Today, WTI crashed from an open of $17.85/ barrel to a low of -$40.32/ barrel. What is going? Oil storage tanks are full to the brim. Mark this day on your calendar. You will never see a day like it again," tweeted Professor Steve Hanke, Applied Economist at Joh Hopkins.
While the matter may be serious, hilarious memes and "what is now more expensive than oil" tweets have erupted on Twitter. "Crude Oil prices plunged below $1 per barrel. US crude oil futures fall below $0 for the first time. This is unprecedented - happening for the first time ever in human history! We may soon get paid to buy petrol. Now hoping for USD to come down!" tweeted Man Kumar Jain, Global VP , Xiaomi and MD Xiaomi India.
Twitter has also come out with a list of items that are now more expensive than oil, which is as follows:
1. "A barrel of crude dropped lower than a 50lb bag of manure," tweeted Joe Borelli.
2. A bottle of coke or beer is now more expensive, says Twitter. "I saw history today and I never believe we can ever have a day like this, it will surely bounce back but I saw the day Crude Oil traded at Negative $1 per barrel where a bottle of Beer and Coke is more expensive than a barrel of Crude Oil," tweets Lawn Reigh.
3. "2020 in one sentence: A roll of toilet paper is worth more than a barrel of oil," tweets Jacy Reese.
4. "Even Netflix is expensive than barrel of oil," tweets Sgt Bilco.