Oil’s unprecedented collapse illustrates how badly the coronavirus is shaking the economy

Oil’s unprecedented collapse illustrates how badly the coronavirus is shaking the economy

The price of oil futures converge with the price of actual barrels of oil as the delivery date of the contracts approach," the Wall Street Journal's Ryan Dezember writes . ". President Trump at his nightly news conference spun the price collapse as an opportunity.. Trump's latest posture marked a 360-degree pivot as prices have dropped recently: A week ago, he touted a deal he helped broker between Saudia Arabia and Russia to slash production as a major win for the domestic energy industry to "save hundreds of thousands of energy jobs in the United States.". The Paycheck Protection Program ran out of money last week: "The new measure would seek to devote an additional $310 billion to the Paycheck Protection Program, an initiative created by last month's Cares Act that was initially funded at $349 billion but has since run dry.. The White House and Republicans demanded more money for the program, but Democrats said they would only support the measure if they received more money for hospitals, cities and states.". "Ruth's Chris Steak House, a chain that has 150 locations and is valued at $250 million, reported receiving $20 million in funding from the small