The environment won’t be helped by oil producers declaring bankruptcy
Oil barrels were at negative prices (Erik Mclean/Unsplash/)In the past couple weeks, we’ve seen oil prices—already on the decline—plummet to historic lows. On April 20, the benchmark price for U.S. oil dipped to negative $40 a barrel. At the time of writing, the price per barrel for West Texas Intermediate crude, an industry benchmark, was just below $13, still well under the $50 or so needed to make a profit.But oil producers going bankrupt isn’t necessarily good news for the climate. In the past, low oil prices have led consumers to use it more, not less. Some economists say that for this situation to be any different, regulators need to step in and help steer our society away from fossil fuel reliance.Oil prices are influenced by the classic forces of supply and demand, as well as investor speculation and government regulation. When economies are growing, oil demand and thus its...