Eight things that are now more expensive than oil

The price of crude oil dipped to $32.28 per barrel on February 4, the lowest level since 2004 and a quick and very dramatic 70 per cent plummet from its peak in 2014.

And given the huge oversupply doesn’t appear to be dissipating, prices aren’t expected to hike up any time soon.

Also read: Oil prices crash, why haven’t Aussie petrol prices followed?

So while crude oil prices sit at record lows, here are a few things you probably wouldn’t even realise are more expensive than oil.

Milk

The oil crash has even seen prices drop below milk.

According to Bloomberg, the price of one gallon of West Texas Intermediate crude is equivalent to about half a gallon of Class III milk, the benchmark traded on the Chicago futures market.

WTI dropped to $26.19 a barrel in mid-January, the lowest level since May 2003, which is equivalent to 62 cents a gallon – by comparison, milk futures traded at $13.74 per 100 pounds, or $1.18 a gallon.

 

Water

And at around $30 per barrel, oil is now 60 times cheaper than a bottle of sparkling water.

 

Champagne

Whereas crude oil prices used to be on par with the cost of a bottle of vintage French champagne, today it will barely cover the cost of a supermarket home-brand version of bubbles.

Other liquids

Aside from milk, water and champagne, crude oil prices are also now miniscule compared to other liquids – such as gasoline, fizzy drinks and coffee.

Salmon

At the same time oil prices collapse, salmon prices are fetching record-highs because of low supply and a weak European currency.

The price of a standard 4.5kg fish has now overtaken the cost of a barrel of crude oil.

Steel Drum

In fact, crude oil prices are so low that the oil is now, rather ridiculously, three times cheaper than the steel drum its stored in.