(Wait. Whaaaa??…) 😉
For the first time in history, oil prices went negative last month due to plummeting demand and oil traders running out of space to store their oil.
As a result, some oil and gas companies are now resorting to desperate measures. They’ve reportedly started to pay buyers to take oil off their hands — and in some instances, have even started pumping it back into the ground, the Texas Observer reports.
The oil isn’t going back to precisely where it came from. Instead, producers are exploring options to store it in underground geological formations that can hold oil and liquefied gas.
Earlier this month, a local oil and gas regulator temporarily gave the industry permission to store oil in unconventional underground formations, according to the Observer.
The move did not allow for a comment period or a public hearing, shocking local environmental groups…
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