A Glut in Oil

Published: April 27, 2020, 9:54 a.m.

b'Something weird happened last week. It was something that millions of people who have faced years of painful prices at the gas pump never expected: The cost of a barrel of oil dropped into the negatives. Today, we explore why this happened, and what it reveals about the state of the economy. Guest: Clifford Krauss, an energy correspondent for The Times based in Houston. For more information on today\\u2019s episode, visit nytimes.com/thedaily.\\xa0\\n\\nBackground reading:\\xa0The bizarre dip in oil prices was based on a quirk in the way barrels are traded, one that appears only when the market is \\u201cundergoing extreme stress.\\u201d\\u201cI\\u2019m just living a nightmare,\\u201d one leader of a large petroleum association said. This is a look inside how the pandemic is decimating the oil industry.'