Jim Cramer Says Economic Value of Oil Is 'Pretty Much Zero'
Oil is dragging the market lower on Monday as the prices of oil sink to the lowest in over two decades.
And, as TheStreet's Martin Baccardax pointed out, the last time oil prices were this low, Tom Brady was a quarterback for the University of Michigan and Bill Clinton was president.
"As the global economy faces its steepest recession on record, and oil demand is set to fall some 30% from last year, traders dumped front-month oil futures -- which are set to expire tomorrow -- in overnight dealing and fretted over the capacity of storage facilities both in the U.S. and abroad," noted Baccardax.
Cramer has been warning about oil for the past few months on TheStreet Live With Jim Cramer and Katherine Ross, especially as younger investors focus their portfolios on sustainable investments.
So, what does Cramer think about oil here?
Watch the full video above for more.
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