The End of Oil

Or, how we owe the late Michael C. Ruppert an apology

Monday, for the first time ever, the benchmark price for oil fell below zero. Yes, you read that right. Went to $0.00 and then fell into negative status for the first time ever. The May price for West Texas Intermediate Crude, which was in free fall for the past two months (in February, WTIC was trading somewhere between $45–50), fell to -$37.63.

Tuesday, the price of oil collapsed to roughly $11 a barrel. Even though Russia and Saudi Arabia agreed to stop production, there is still a glut of petroleum on ships and tankers all over the world. With the world at a standstill because of the Covid-19 pandemic, those ships might never reach port.

At the beginning of the year, oil had stayed steady at about $60. Today, it closed at $14.23. But people aren’t driving, airlines aren’t flying and theaters are closed. Gas, at local stations by my house is .88. A number, when adjusted for inflation and history, is as low as it’s been since the 1960’s.

But I have only been out once since March 5.

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Michael C. Ruppert killed himself a little over six years ago. April 13, 2014. Sixty-three. At the time of his death, he was living in a classic, 1950’s linear trailer near Calistoga, California. He had no money, even though just a few years earlier, he was in a movie. Collapse was released in 2010 to wide acclaim, but a small audience.