AOC thrilled with existential threat to hundreds of oil companies

U.S. Rep. Alexandria Ocasio-Cortez. D-N.Y. (Official U.S. House portrait)

The instability in the world oil market, one contributor to the stock market volatility in recent weeks, on Monday hit a crucial point that threatened the very existence of hundreds of oil companies.

And leftist U.S. Rep. Alexandria Ocasio-Cortez, D-N.Y., hardly could contain her happiness.

"You absolutely love to see it," she wrote on Twitter. "This along with record low interest rates means it's the right time for a worker-led, mass investment in green infrastructure to save our planet."

CNN reported the "double black swan" of the coronavirus pandemic and overproduction by Russia and Saudi Arabia caused oil prices to collapse.

The price of oil ended up in negative territory on Monday, which has never happened since NYMEX oil futures began trading in 1983.

"U.S. crude for June delivery is still trading above $20 a barrel -- but even that's disastrous," the report said.

Some oil companies – possibly in the "hundreds" – likely won't survive, CNN said.

"In a $20 oil environment, 533 U.S. oil exploration and production companies will file for bankruptcy by the end of 2021, according to Rystad Energy. At $10, there would be more than 1,100 bankruptcies, Rystad estimates," CNN reported.

The plunge happened even though President Trump intervened in the Russia-Saudi Arabia price war, helping bring it to an end.

CNN reported, "The hope in the oil industry is that Monday's negative prices are somewhat of a fluke caused by the rolling over futures contracts."

But the catastrophe for the oil industry pleased AOC, as she is known.

She issued her tweet, only to delete it a short time later, according to Twitchy, which aggregates news on Twitter.

Twitter user Matt Exotic reacted, "Remember, she has an econ degree and won a science prize, or something."

RBe wrote: "You love to see global depression? Also, you do understand that a global depression caused by oil cratering means zero money for 'green infrastructure,' right? Did you actually receive a degree in Economics? Because it really seems like you didn't."

Twitter user John Cooper said, "Member of Congress actively cheering massive job losses and economic misery for thousands of her fellow citizens."

Annie_Bannany said: "Stupid woman. Millions will be out of work and that makes you happy?"

AOC followed with the statement: "Now is the time to create millions of good jobs building out the infrastructure and clean energy necessary to save our planet for future generations. For our economy, our planet, and our future, we need a #GreenNew Deal."

Said Twitchy: "'For our economy.' Does she not remember that she literally just cheered for our economy to bottom out because Green New Deal? Evidently she is woefully unfamiliar with the old adage 'Quit while you're behind.' Which means, of course, that we can look forward to more of her celebrating the destruction of people's livelihoods and lives."

Her original tweet followed another that said: "Oil prices now at 'negative values,' meaning oil producers have to pay people to take it off their hands and store it because when demand plunges (like now), that is less expensive for them than building more storage and/or shutting wells down."

Ocasio-Cortez has taken credit for blocking a move by Amazon to build a second headquarters in New York City that would have brought 25,000 jobs to her district.