New York City residents weighed in on Monday on the surprising shock of oil prices dipping into negative territory for the first time in history.
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.
“It’s an interesting situation that has never occurred before. But it’s just based on futures anyway, so they think that in another couple [of] months it will go back up to normal prices,” said Larry Hammel, a NYC resident who insisted to be “in the business somewhat.”
Others felt positive about the news, considering the advantages of having fewer cars on the road.
“For us it’s a dream. There’s less cars, cheaper gas,” said Carlos Jerome, filling up his motorbike at the pump.
US President Donald Trump maintains that the crash is “short term” and said he is looking into stopping oil shipments from Saudi Arabia.