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Posted on 04/20/2020 5:53:13 PM PDT by Red in Blue PA
Rep. Alexandria Ocasio-Cortez, D-N.Y., tweeted -- then quickly deleted -- a celebration of the news that U.S. equity markets crashed on Monday, with oil prices turning negative for the first time in history.
The resulting social media flareup highlighted the unprecedented stakes of the current economic crisis heading into the 2020 presidential election, and underscored Republican complaints that their rivals were looking for ways to use the moment for political gain.
"You absolutely love to see it," Ocasio-Cortez, a self-described "democratic socialist," wrote on Twitter. She was responding to a post which stated: "Oil prices now at 'negative values,' meaning oil producers have to pay people to take it off their hands and store it because when demand plunges (like now), that is less expensive for them than building more storage and/or shutting wells down."
"This along with record low interest rates means it's the right time for a worker-led, mass investment in green infrastructure to save our planet. *cough*," Ocasio-Cortez continued.
(Excerpt) Read more at foxnews.com ...
Dems are cheering people losing their businesses, losing their jobs, and losing their lives.
If they are paying you to take oil futures, why doesn’t she invest and make some bank?
Hillary and Terry McAwful would.
Why does she delete the tweet if that’s what she believes?
wonder why she didnt tweet this when venezuela was losing their oil production capability.
Can somebody explain to me what it means that oil is trading at $-38.00 and what the ramifications might be.
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Who’s going to want to drive crummy electric cars with gas so cheap?
Sandy the Commie Cortez.
They are cheering because they get their power through others’ misery.
Some traders might be able to explain it better, but oil is still around 20 dollars a barrel. This was people losing their shirts on oil futures. They had wanted to close out their contracts by now, but the market went against them big time. The contracts are expiring tomorrow and they don’t actually want to take delivery of the oil, as they have nowhere to store it. In essence, they are going to pay someone to take the oil off their hands.
“worker-led”
She worked as a bartender for a short time.
What does she know about people who work for a living?
Nothing.
thanks
When they pay me to fill up we can talk.
Futures...they are a cruel teacher.
Wow she is dumb as a rock. Low oil prices mean low cost to fuel your vehicle which means people will keep buying gas guzzling SUVs instead of overpriced Tesla’s and Chevy bolts. Oil companies survived $10 barrel in 1990s and the Great Depression, will survive this too. Solar may not as all the cheap chicom production has bee shut down.
Her home country of Venezuela hit hardest.
If people with futures contracts cannot take possession of the oil they have a contract for, nor can they resell that contract, what happens to the (physical) oil?
Record-low interest rates are courtesy of our Soviet-style monetary central planning agency, the Federal Reserve.
And as for green infrastructure - it will be even MORE expensive and wasteful now that oil and gas have become cheaper.
Its a communist’s wet-dream on both accounts.
p
People should be required to have the ability to take delivery. Would curtail the speculation
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