Price of oil goes negative for the first time

Energy producers will have to pay buyers to take the oil off their hands because demand is next to nothing.
0:49 | 04/20/20

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Transcript for Price of oil goes negative for the first time
To the economy the price of oil did something we've never seen before going negative for the first time oil futures contracts closed at negative 37 dollar 63 cents per barrel. So it's good which were chief business correspondent Rebecca Jarvis on this tonight Rebecca what does this all mean. David it means oil sellers have to paint oil buyers to take it off their hands the bottom line here is that the world is a wash. In oil supplies right now but the demand. Doesn't exist consumers are home businesses are closed that has sent oil prices plunging. Unfortunately. It doesn't mean that your next trip to the gas station. Will be free the national average tonight is a dollar 81 in the analyst at gas buddy predict prices will fall to a dollar fifty at the pump. In the next month David Hart Rebecca Jarvis witness Rebecca think he was always.

This transcript has been automatically generated and may not be 100% accurate.

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