Some American Oil Selling at Under $10 a Barrel U.S. refiners are scaling back fuel production amid the coronavirus-induced plunge in demand for gasoline and jet fuel, and the crude oil storage options are growing tighter, this Bloomberg article observes. The news service pointed out that the oversupply situation has caused some crude prices to approach or even break record lows. Moreover, the writer notes that transportation costs have effectively made some production worthless – and even below zero dollars per barrel in certain cases. Shell, like other oil and gas companies, has dramatically curtailed its list of capital projects to adapt to […]