The oil industry has never been in a crisis quite like this [CNBC]
IHS Markit Ltd. Common Shares (INFO)
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Source: CNBC
A pumpjack operates above an oil well at night in the Bakken Formation on the outskirts of Williston, North Dakota, U.S., on Thursday, March 8, 2018.Bloomberg | Bloomberg | Getty ImagesThe oil industry is in its worst crisis since at least the Great Depression, according to analysts.There's too much oil, and nobody wants to buy any more. Planes aren't flying, shipping has slowed, and U.S. consumers, who use 10% of the world's oil output in their cars, are now staying at home.The action Monday in the most closely watched energy market in the world was devastating, as the value of the May oil futures contract plummeted 300 percent, flipping into negative territory to end at minus $37.63 per barrel. Theprice action was unprecedentedOne reason the CME's May contract for West Texas Intermediate plunged was the well-understood.There is simply a basic lack of storage capacity in the world for crude. As the contract expires, nobody wants to take delivery of the physical product. But that's no
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