By Dale Denwalt
The price of West Texas Intermediate oil lost all of its value Monday, plummeting to less than $1 per barrel in midday trading before May futures contracts dipped into negative numbers.
It's the lowest price for oil on record as stockpiles overtake demand.
June contracts remained in the $21-per-barrel range, a silver lining for the beleaguered energy sector. May contracts expire Tuesday.
While low oil prices could translate to cheaper gasoline at the pump, it will also have ripple effects in Oklahoma's economy as energy producers halt operations until the price improves.
Markets for West Texas Intermediate and Brent crude were affected in March after Saudi Arabia and Russia began competing against each other to gain expanded shares on the global market for the commodity, dramatically underbidding market prices to reclaim business previously lost to U.S. exports.
The coronavirus pandemic has tanked demand for energy stores with airlines cutting back service and travel put on hold for fear of spreading COVID-19.