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Londoners React to Oil Prices Hitting Record Low

London residents gave their insight on Tuesday on the historical drop in oil prices, as US oil turned negative for the first time ever.

“It’s not going to affect most of us, I think we should be looking for alternative energy resources anyway,” said James, a resident of the capital.

“I think that is a good thing. We’ve been in the thrall of petrol for far too long,” said another Londoner.

“I think it’s the other way around, I think it probably questions some green energy plans but that’s not a reason to stop them. Obviously, the pricing must dislocate a lot of what they want to do,” commented Philip, also a London resident.

Earlier this week, oil prices crashed to a negative amount for the first time ever due to the ongoing coronavirus pandemic, a situation which leads producers to pay buyers to get rid of unwanted stock surpluses.

The price of West Texas Intermediate (a benchmark for oil prices) rebounded overnight to just under $1.50 (€1.38) a barrel after trading more than $40 (€37) into negative territory on Monday, but the commodity is still at its lowest levels in recent years as a lack of storage continues to ail producers.



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