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The Daily

Oil Prices Get Into Fishy Territory

By:
Chris Gaetano
Published Date:
Jan 26, 2016

By BrokenSphere (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia CommonsOil prices, if you haven't heard, have been taking a bit of a tumble lately due to oversupply. Right now we're at the point where a fresh salmon, perhaps one you'd put in your sushi or on your bagel, now costs about as much as a barrel of crude oil, according to Bloomberg. A standard four-kilogram fish (about nine pounds) costs about $30, which is about the same price that oil is currently hovering around with its recent rally. In this story, however, it's not just that oil is particularly cheap; salmon, due to shortages and weak currency, is becoming particularly pricey, leading the two commodities to meet in the middle, according to Bloomberg. Despite gains, however, oil still remains less expensive than the 55-gallon barrel in which it could be stored: one of those will set you back about $100. Another Bloomberg article predicts that, as low as the price is now, it could go even lower: analysts with Credit Suisse estimate that prices could fall a further 20 percent before beginning to recover.