Not Even The $2 Trillion Stimulus Package Can Save Oil Markets

A stimulus agreement has finally been reached. The package would provide $2 trillion in funding, allocated directly to the White House’s plan which includes purchasing 77 million barrels of oil for the Strategic Petroleum Reserve and a $1,200 check for every American earning under $70,000 and a sweeping boost to unemployment benefits. This comes in the middle of a spectacular oil price crash, in which we’ve seen crude markets fall more in a single day than we have in the last 30 years. The crash itself can be traced back to the spread…