A Glut in Oil

The Daily

The New York Times

Daily News, News

4.4 • 102.8K Ratings

🗓️ 27 April 2020

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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’s episode, visit nytimes.com/thedaily. Background reading: The bizarre dip in oil prices was based on a quirk in the way barrels are traded, one that appears only when the market is “undergoing extreme stress.”“I’m just living a nightmare,” one leader of a large petroleum association said. This is a look inside how the pandemic is decimating the oil industry.

Transcript

Click on a timestamp to play from that location

0:00.0	This is a paid advertisement from BetterHelp Therapy Online.
0:04.7	When you're at your best, you can do great things, but you can't be at the top of your
0:09.2	game all the time.
0:10.8	Working with a therapist can get you closer to the best version of you.
0:14.9	BetterHelp can provide access to over a thousand mental health professionals with a wide variety
0:19.4	of expertise.
0:21.0	Get 10% off your first month at BetterHelp.com slash daily pod.
0:26.0	From the New York Times, I'm Michael Babaro.
0:33.0	This is The Daily.
0:36.0	Today.
0:42.6	For decades, the United States has feared the consequences of running out of oil.
0:49.7	Because of the pandemic, it now has far too much of it.
0:55.4	Reporter Cliff Krause on the energy crisis that nobody saw coming.
1:03.1	It's Monday, April 27.
1:08.8	Cliff, tell me about this moment when oil prices collapse.
1:13.4	So it was late at night.
1:20.8	And in terms of how far down these moves are going to go, I mean, what are your expectations?
1:25.7	Because I'm a wonky guy.
1:27.3	We're really getting hammered today, hitting an 18 year low.
1:31.0	And I see suddenly the oil prices are collapsing.
1:36.8	It's at $14 and cheap.
1:39.1	It's touched around $10.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from The New York Times, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of The New York Times and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.