Barrel Of Oil Now Cheaper Than Package Of Toilet Paper (SERIOUSLY)
The world is now officially upside down. Of is it funnier if I say "bottoms up"?
How did we get to a place where a package of toilet paper is now more expensive than a barrel of oil?
Believe it or not, I can explain:
CNBC is reporting that the price of crude oil in the May Futures Contract at West Texas Intermediaries closed down $37.63 per barrel.
NPR is reporting that the President of the American Petroleum Institute is reporting a major glut in the market. We drew a bunch of oil out of the ground, world-wide, and now we are not using it. Fleets of ships are anchored, full of oil, with no place to unload it.
Oil was at $60 a barrel at the beginning of the year, and was as low as $18 last Friday. Prices have further dropped since then.
In the mean time stores across America are just beginning to catch up with the toilet paper deficit left in the stores after The Big American TP Buyout of 2020, which has driven the cost of TP way up.
No one could have seen this coming. But if you could have, imagine shaking your head as you panic-sell your oil stock to buy TP. Then, later, you sell your TP stock to buy back oil when everything gets back to normal. A strange world.