This month has seen a spectacular oil price crash the likes of which we haven’t seen in decades. The last time we had since a single day oil price drop as drastic as Monday, March 9 was way back in 1991, when the U.S. launched airstrikes directed at the Iraqi military in response to the invasion of Kuwait. The price drop earlier this month was similarly staggering, with Brent benchmark global oil prices down by 22 percent and United States prices down by 20 percent. This cataclysmic crash was caused by a perfect storm of market-spooking factors: the accelerating global spread of the COVID-19 coronavirus pandemic and the continuing oil price war being waged by Saudi Arabia after the OPEC+ alliance, which formed in 2016 to include Russia, imploded at the beginning of this month. The implosion itself was caused by coronavirus, as the plummeting oil demand caused by […]