The already falling prices of oil continued to slide immediately following the lifting of sanctions against Iran. As the country makes its way back into global financial markets, Iran is expected to pump fresh oil into an already oversupplied market, making the prices even lower.
On Monday, the price of a barrel of Brent Crude dropped below $28 a barrel, and Twitter users began pointing out things that are more expensive than a barrel of oil - notably, the barrel itself.
A barrel of WTI crude is 3 times cheaper than a steel drum to put it in. pic.twitter.com/1mSqx51SlS
— Patrick DeHaan (@GasBuddyGuy) January 14, 2016Others have pointed out that if the price falls below $10 a barrel, oil will become cheaper than bottled water. For sparkling water aficionados, it's worth noting that a barrel of Perrier now costs 60 times the price of a barrel of oil.
So at $30/Barrel - WTI is now over 60 times cheaper than a bottle of sparkling water. Perrier (per Barrel) $1850
— David Ingles (@DavidInglesTV) January 12, 2016Amid the low prices, Saudi Arabia has also announced that it is considering auctioning off a slice of Aramco, the state-owned oil company and backbone of the Saudi economy. Economists have speculated that Saudi Arabia is trying to generate some fast cash, and with over 260 billion barrels of oil in reserves, an IPO of Aramco could hit $1 trillion.
