Crude Is Down, But Hardly in Chaos

The press is yet again filled with stories about how the oil market is in chaos. “20 minutes that broke the oil market” blares Bloomberg about the March 20 WTI meltdown, even though it was really 20 minutes that broke one particular futures market for one particular grade of oil for delivery in one particular place. In any case, here is Bloomberg’s own chart of oil prices as of this morning:

Honestly, I don’t see anything that anyone should consider unexpected. Oil prices were primed to go down by squabbling between Russia and Saudi Arabia, and then, starting in March, reduced demand from COVID-19 sent them on a steady downward course. Since mid-March WTI has been dropping at a steady pace aside from a single day, while Brent’s downturn has been noisier but more moderate.

Obviously these are not good days for anyone who’s long oil, but there’s a big glut and reduced demand thanks to the coronavirus lockdowns. It’s hardly a big shock that oil prices are continuing to drop. Wake me up when crude goes down to a buck a barrel.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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