Social Science Extreme Events

We always hear natural extreme events, the COVID-19 has taught us a lesson that extreme events can also happen as social extreme events.

The oil price falls again today, following a very big jump yesterday. Many Newspapers reported that the oil price fell below zero for the first time, as people stay at home all over the world for more than a month, the consumption of oil is very a little, however, oil companies are still producing it, this has led to no space to store the overproduced oil, and the oil price fall below zero. This means the oil companies are encouraging people to take oil from their storage. As I see one post, someone said milk producers can pour milk in the river, but oil companies can’t do this, this is a tragedy.

As someone said, all disasters are manmade. Political considerations are making things even worse at an emergency. Trump wrote on his twitter that he will suspend all visas who want to come to the US, and stop insurances for the people only has green card, I don’t know at which level these policies will be implemented, but certainly it will have cascading impacts.