This is so unprecedented that I don't know whether to be happy as a consumer or wonder if it will slingshot back hard once things cool off. As for now, just hoping to see $1 gas for the first time in almost 20 years.
It'll put all of our fracking businesses on hold, and some of them will fold.
However, imagine if you're Russia, Venezuela, or anyone in the sandbox... their entire economy is based on oil, as they produce/export little else. Their pucker-factor must be through the roof. We might be in for a rough ride economically, but those guys are gonna implode if this lasts more than a week or two.
Not sure Venezuela can get any further down, but, yeah Russia and the ME will be hurting if it continues for long. At least most of them have a lot of wealth from the past. You gotta wonder though if it will lead to unrest among the non-royalty.
I think many of them have OD'd on power during this pandemic, especially blue-state governors. They're like junkies coming down and they're doing the legislative equivalents of car-jacking and home invasions to keep that sweet sweet power high.
That title seems a little bit overstated considering right there in the article it states the following regarding a number of his colleagues: “Not everyone was comfortable with the hypothesis...”
Sounds way reminiscent of some other "settled science" out there, where a "highly reputable" researcher magically finds "evidence" to support his (government funded) research just in time to pull down another grant.