by Dr. Paul Craig Roberts
In Florida pressure to reopen beaches, vacation rentals, arcades, and restaurants is coming from the tourist industry. Nationally, oil interests are lobbying hard as the price of US crude has hit negative amounts. How can oil be sold for a negative price? Because there is no room to store it. Traders locked into delivery contracts are finding it cheaper to pay someone to take the oil than to try to secure a place to store the oil. You see, distribution works through oil contracts made in the past for future delivery. These contracts were made prior to the economic shutdown that has greatly reduced demand for oil. Apparently, it is cheaper to pay someone to take the oil than to break the contracts.
There is no doubt of the economic disruption resulting from the effort to reduce the infection rate with closedowns. The question is whether a premature reopening will undo the work so far to control the infection rate and require another shutdown. Already the reported practice in New York is not to treat anyone 80 years old or over. Will a second wave reduce the non-treated age to 70, a third to 60?