U.S. Oil Prices Drop

Dr. Richard Denne, Hunter Enis Chair in Petroleum Geology and Director, TCU Energy Institute

The price of oil plunged below zero on Monday, a first for the oil industry. Experts say it’s because America is running out of places to store oil.”Most of this is due to the virus and the demand drop because of the virus,” said Dr. Richard Denne, a petroleum geologist and the director of Texas Christian University’s energy institute. He says because millions of Americans are not driving as much they don’t need the gas they normally would, so the demand for oil right is low.

U.S. Oil Prices Drop