The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below US$10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus US$38 a barrel.
"People are getting notices from pipeline companies that say they can't take their crude anymore. That means you're shutting down the well yesterday." Continental's decision to declare force majeure - usually reserved for wars, accidents or natural disasters - came as a shock, bringing a sharp response from the leading refinery industry group. But some say there is a logic behind it, even if it may not pass muster in court.
The market is forcing the hands of all producers. Across the world, governments and companies are preparing to shut down output, and many have already begun.
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